Referred to the Committee on Education and Workforce, and in addition to the Committee on Ways and Means, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
This bill restores pension benefits for retirees and beneficiaries of six Delphi Corporation pension plans that were terminated and taken over by the Pension Benefit Guaranty Corporation (PBGC). The legislation requires the PBGC to increase guaranteed monthly benefit payments to their full vested amounts—removing federal benefit caps that previously applied—for eligible current and future retirees. Within 180 days of enactment, the PBGC must also pay lump-sum settlements to affected retirees for all underpaid benefits dating back to plan termination, including 6 percent annual interest on past-due amounts. The bill funds these increased payments using existing PBGC reserves from its basic benefits fund, and allows beneficiaries to spread lump-sum payments over three tax years to reduce tax burden. The legislation does not affect certain General Motors employees who received top-up benefits under separate 1999 agreements.
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