[Congressional Record Volume 169, Number 120 (Thursday, July 13, 2023)]
[Senate]
[Pages S2632-S2633]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]

  SA 483. Mr. BROWN (for himself and Mr. Braun) submitted an amendment 
intended to be proposed by him to the bill S. 2226, to authorize 
appropriations for fiscal year 2024 for military activities of the 
Department of Defense, for military construction, and for defense 
activities of the Department of Energy, to prescribe military personnel 
strengths for such fiscal year, and for other purposes; which was 
ordered to lie on the table; as follows:

       At the end of subtitle G of title X, insert the following:

     SEC. 10___. GUARANTEED BENEFIT CALCULATION FOR CERTAIN PLANS.

       Subtitle B of title VI of the Employee Retirement Income 
     Security Act of 1974 (29 U.S.C. 1321 et seq.) is amended by 
     adding at the end the following:

     ``SEC. 4024. 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 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 section shall be construed to change the allocation of 
     assets and recoveries under sections 4044(a) and 4022(c) as 
     previously determined by 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 section, 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 section, 
     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

[[Page S2633]]

       ``(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 section, 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 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 under subsection (b)(1) of such section 
     and the maximum guaranteed benefit limitation under 
     subsection (b)(3) of such section 4022 (including the 
     accrued-at-normal limitation).
       ``(B) Normal benefit guarantee.--The term `normal benefit 
     guarantee' means the amount of monthly benefits guaranteed 
     under section 4022 with respect to an eligible participant or 
     beneficiary without regard to this section.
       ``(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 
     a trust fund to be known as the `Delphi Full Vested Plan 
     Benefit Trust Fund' (referred to in this subsection 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, out of amounts in 
     the Treasury not otherwise appropriated, such amounts as are 
     necessary for the costs of payments of the portions of 
     monthly benefits guaranteed to participants and beneficiaries 
     pursuant to subsection (a) and for necessary administrative 
     and operating expenses of the corporation relating to such 
     payments. The Fund shall be credited with amounts from time 
     to time as the Secretary of the Treasury, in coordination 
     with the Director of the corporation, determines appropriate, 
     out of amounts in the Treasury not otherwise appropriated.
       ``(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.''.
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