[Congressional Bills 117th Congress]
[From the U.S. Government Publishing Office]
[H.R. 6929 Engrossed in House (EH)]

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117th CONGRESS
  2d Session
                                H. R. 6929

_______________________________________________________________________

                                 AN ACT


 
To increase the benefits guaranteed in connection with certain pension 
                     plans, and for other purposes.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Susan Muffley Act of 2022''.

SEC. 2. GUARANTEED BENEFIT CALCULATION FOR CERTAIN PLANS.

    (a) In General.--
            (1) Increase to full vested plan benefit.--
                    (A) In general.--For purposes of determining what 
                benefits are guaranteed under section 4022 of the 
                Employee Retirement Income Security Act of 1974 (in 
                this section referred to as ``ERISA'') with respect to 
                an eligible participant or beneficiary under a covered 
                plan specified in paragraph (4) in connection with the 
                termination of such plan, the amount of monthly 
                benefits shall be equal to the full vested plan benefit 
                with respect to the participant.
                    (B) No effect on previous determinations.--Nothing 
                in this Act shall be construed to change the allocation 
                of assets and recoveries under sections 4044(a) and 
                4022(c) of ERISA as previously determined by the 
                Pension Benefit Guaranty Corporation (in the section 
                referred to as the ``corporation'') for the covered 
                plans specified in paragraph (4), and the corporation's 
                applicable rules, practices, and policies on benefits 
                payable in terminated single-employer plans shall, 
                except as otherwise provided in this section, continue 
                to apply with respect to such covered plans.
            (2) Recalculation of certain benefits.--
                    (A) In general.--In any case in which the amount of 
                monthly benefits with respect to an eligible 
                participant or beneficiary described in paragraph (1) 
                was calculated prior to the date of enactment of this 
                Act, the corporation shall recalculate such amount 
                pursuant to paragraph (1), and shall adjust any 
                subsequent payments of such monthly benefits 
                accordingly, as soon as practicable after such date.
                    (B) Lump-sum payments of past-due benefits.--Not 
                later than 180 days after the date of enactment of this 
                Act, the corporation, in consultation with the 
                Secretary of the Treasury and the Secretary of Labor, 
                shall make a lump-sum payment to each eligible 
                participant or beneficiary whose guaranteed benefits 
                are recalculated under subparagraph (A) in an amount 
                equal to--
                            (i) in the case of an eligible participant, 
                        the excess of--
                                    (I) the total of the full vested 
                                plan benefits of the participant for 
                                all months for which such guaranteed 
                                benefits were paid prior to such 
                                recalculation, over
                                    (II) the sum of any applicable 
                                payments made to the eligible 
                                participant; and
                            (ii) in the case of an eligible 
                        beneficiary, the sum of--
                                    (I) the amount that would be 
                                determined under clause (i) with 
                                respect to the participant of which the 
                                eligible beneficiary is a beneficiary 
                                if such participant were still in pay 
                                status; plus
                                    (II) the excess of--
                                            (aa) the total of the full 
                                        vested plan benefits of the 
                                        eligible beneficiary for all 
                                        months for which such 
                                        guaranteed benefits were paid 
                                        prior to such recalculation, 
                                        over
                                            (bb) the sum of any 
                                        applicable payments made to the 
                                        eligible beneficiary.
                Notwithstanding the previous sentence, the corporation 
                shall increase each lump-sum payment made under this 
                subparagraph to account for foregone interest in an 
                amount determined by the corporation designed to 
                reflect a 6 percent annual interest rate on each past-
                due amount attributable to the underpayment of 
                guaranteed benefits for each month prior to such 
                recalculation.
                    (C) Eligible participants and beneficiaries.--
                            (i) In general.--For purposes of this 
                        section, an eligible participant or beneficiary 
                        is a participant or beneficiary who--
                                    (I) as of the date of the enactment 
                                of this Act, is in pay status under a 
                                covered plan or is eligible for future 
                                payments under such plan;
                                    (II) has received or will receive 
                                applicable payments in connection with 
                                such plan (within the meaning of clause 
                                (ii)) that does not exceed the full 
                                vested plan benefits of such 
                                participant or beneficiary; and
                                    (III) is not covered by the 1999 
                                agreements between General Motors and 
                                various unions providing a top-up 
                                benefit to certain hourly employees who 
                                were transferred from the General 
                                Motors Hourly-Rate Employees Pension 
                                Plan to the Delphi Hourly-Rate 
                                Employees Pension Plan.
                            (ii) Applicable payments.--For purposes of 
                        this paragraph, applicable payments to a 
                        participant or beneficiary in connection with a 
                        plan consist of the following:
                                    (I) Payments under the plan equal 
                                to the normal benefit guarantee of the 
                                participant or beneficiary.
                                    (II) Payments to the participant or 
                                beneficiary made pursuant to section 
                                4022(c) or otherwise received from the 
                                corporation in connection with the 
                                termination of the plan.
            (3) Definitions.--For purposes of this subsection--
                    (A) Full vested plan benefit.--The term ``full 
                vested plan benefit'' means the amount of monthly 
                benefits that would be guaranteed under section 4022 of 
                ERISA as of the date of plan termination with respect 
                to an eligible participant or beneficiary if such 
                section were applied without regard to the phase-in 
                limit in subsection (b)(1) of such Act and the maximum 
                guaranteed benefit limitation in subsection (b)(3) of 
                such Act (including the accrued-at-normal limitation).
                    (B) Normal benefit guarantee.--The term ``normal 
                benefit guarantee'' means the amount of monthly 
                benefits guaranteed under such section with respect to 
                an eligible participant or beneficiary without regard 
                to this Act.
            (4) Covered plans.--The covered plans specified in this 
        paragraph are the following:
                    (A) The Delphi Hourly-Rate Employees Pension Plan.
                    (B) The Delphi Retirement Program for Salaried 
                Employees.
                    (C) The PHI Non-Bargaining Retirement Plan.
                    (D) The ASEC Manufacturing Retirement Program.
                    (E) The PHI Bargaining Retirement Plan.
                    (F) The Delphi Mechatronic Systems Retirement 
                Program.
            (5) Treatment of pbgc determinations.--Any determination 
        made by the corporation under this section concerning a 
        recalculation of benefits or lump-sum payment of past-due 
        benefits shall be subject to administrative review by the 
        corporation. Any new determination made by the corporation 
        under this section shall be governed by the same administrative 
        review process as any other benefit determination by the 
        corporation.
    (b) Trust Fund for Payment of Increased Benefits.--
            (1) Establishment.--There is established in the Treasury of 
        the United States a trust fund to be known as the ``Delphi Full 
        Vested Plan Benefit Trust Fund'' (hereafter in this subsection 
        referred to as the ``Fund''), consisting of such amounts as may 
        be appropriated or credited to the Fund as provided in this 
        section.
            (2) Funding.--There is appropriated from the general fund 
        such amounts as are necessary for the costs of the payment of 
        the portion of monthly benefits guaranteed to a participant or 
        beneficiary pursuant to subsection (a) and for necessary 
        administrative and operating expenses of the corporation 
        relating to such payment. The Fund shall be credited with 
        amounts from time to time as the Secretary of the Treasury, in 
        conjunction with the Director of the corporation, determines 
        appropriate, from the general fund of the Treasury.
            (3) Expenditures from fund.--Amounts in the Fund shall be 
        available for the payment of the portion of monthly benefits 
        guaranteed to a participant or beneficiary pursuant to 
        subsection (a) and for necessary administrative and operating 
        expenses of the corporation relating to such payment.
    (c) Regulations.--The corporation, in consultation with the 
Secretary of the Treasury and the Secretary of Labor, may issue such 
regulations as necessary to carry out this section.
    (d) Tax Treatment of Lump-Sum Payments.--
            (1) In general.--Unless the taxpayer elects (at such time 
        and in such manner as the Secretary may provide) to have this 
        paragraph not apply with respect to any lump-sum payment under 
        subsection (a)(2)(B), the amount of such payment shall be 
        included in the taxpayer's gross income ratably over the 3-
        taxable-year period beginning with the taxable year in which 
        such payment is received.
            (2) Special rules related to death.--
                    (A) In general.--If the taxpayer dies before the 
                end of the 3-taxable-year period described in paragraph 
                (1), any amount to which paragraph (1) applies which 
                has not been included in gross income for a taxable 
                year ending before the taxable year in which such death 
                occurs shall be included in gross income for such 
                taxable year.
                    (B) Special election for surviving spouses of 
                eligible participants.--If--
                            (i) a taxpayer with respect to whom 
                        paragraph (1) applies dies,
                            (ii) such taxpayer is an eligible 
                        participant,
                            (iii) the surviving spouse of such eligible 
                        participant is entitled to a survivor benefit 
                        from the corporation with respect to such 
                        eligible participant, and
                            (iv) such surviving spouse elects (at such 
                        time and in such manner as the Secretary may 
                        provide) the application of this subparagraph,
                subparagraph (A) shall not apply and any amount which 
                would have (but for such taxpayer's death) been 
                included in the gross income of such taxpayer under 
                paragraph (1) for any taxable year beginning after the 
                date of such death shall be included in the gross 
                income of such surviving spouse for the taxable year of 
                such surviving spouse ending with or within such 
                taxable year of the taxpayer.

SEC. 3. PENSION VARIABLE RATE PREMIUM PAYMENT ACCELERATION.

    Notwithstanding section 4007(a) of the Employee Retirement Income 
Security Act of 1974 (29 U.S.C. 1307(a)) and section 4007.11 of title 
29, Code of Federal Regulations, any additional premium determined 
under subparagraph (E) of section 4006(a)(3) of such Act (29 U.S.C. 
1306(a)(3)) the due date for which is (but for this section) after 
September 15, 2032, and before November 1, 2032, shall be due not later 
than September 15, 2032.

SEC. 4. PENSION BENEFIT GUARANTY CORPORATION REPORT.

    (a) Request for Information.--Not later than 1 year after the date 
of enactment of this Act, the Director of the Pension Benefit Guaranty 
Corporation shall issue a request for information to the public 
regarding ways to ensure the long-term solvency of the Pension Benefit 
Guaranty Corporation's insurance programs.
    (b) Report to Congress.--Not later than 2 years after the date of 
enactment of this Act, the Director of the Pension Benefit Guaranty 
Corporation shall, taking into consideration the information received 
in the request for information described in subsection (a), submit a 
report, which shall include recommendations on how to ensure the long-
term solvency of the Pension Benefit Guaranty Corporation's insurance 
programs, to the Committee on Education and Labor and the Committee on 
Ways and Means of the House of Representatives and the Committee on 
Health, Education, Labor, and Pensions and the Committee on Finance of 
the Senate.

            Passed the House of Representatives July 27, 2022.

            Attest:

                                                                 Clerk.
117th CONGRESS

  2d Session

                               H. R. 6929

_______________________________________________________________________

                                 AN ACT

To increase the benefits guaranteed in connection with certain pension 
                     plans, and for other purposes.