[Congressional Record Volume 170, Number 80 (Wednesday, May 8, 2024)]
[Senate]
[Pages S3601-S3602]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]

  SA 2034. Mr. BROWN (for himself, Mr. Braun, Ms. Stabenow, Ms. 
Baldwin, Mr. Peters, and Mr. Young) submitted an amendment intended to 
be proposed to amendment SA 1911 proposed by Ms. Cantwell (for herself, 
Mr. Cruz, Ms. Duckworth, and Mr. Moran) to the bill H.R. 3935, to amend 
title 49, United States Code, to reauthorize and improve the Federal 
Aviation Administration and other civil aviation programs, and for 
other purposes; which was ordered to lie on the table; as follows:

       At the appropriate place, insert the following:

     SEC. __. 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 (29 U.S.C. 1322) 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) of the 
     Employee Retirement Income Security Act of 1974 (29 U.S.C. 
     1344(a); 1322(c)) as previously determined by the Pension 
     Benefit Guaranty Corporation (referred to in this section 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) of the Employee Retirement Income 
     Security Act of 1974 (29 U.S.C. 1322(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 the Employee Retirement 
     Income Security Act of 1974 (29 U.S.C. 1322) 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

[[Page S3602]]

     maximum guaranteed benefit limitation under subsection (b)(3) 
     of such section (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 of the Employee Retirement Income Security 
     Act of 1974 (29 U.S.C. 1322) 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.
       (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.
       (e) 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, 
     2033, and before November 1, 2033, shall be due not later 
     than September 15, 2033.
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