[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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