This bill increases pension benefits for former employees of Delphi automotive companies and related firms. Specifically, it requires the Pension Benefit Guaranty Corporation (PBGC)—the federal agency that protects pension plans—to recalculate guaranteed benefits for eligible participants and beneficiaries at six Delphi-related pension plans to reflect their "full vested plan benefits" without certain reduction limits that normally apply. The bill affects current and future retirees from the Delphi Hourly-Rate Employees Pension Plan, Delphi Retirement Program for Salaried Employees, PHI Non-Bargaining Retirement Plan, ASEC Manufacturing Retirement Program, PHI Bargaining Retirement Plan, and Delphi Mechatronic Systems Retirement Program. Within 180 days of enactment, the PBGC must pay lump-sum payments to eligible retirees covering underpaid benefits plus 6 percent annual interest on past-due amounts. The legislation establishes a dedicated trust fund in the Treasury with appropriated amounts to cover the increased benefit payments and administrative costs, with no specific dollar amount specified in the bill itself.
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