[Congressional Record Volume 172, Number 113 (Monday, July 13, 2026)]
[Senate]
[Pages S3904-S3905]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]
SA 6668. Mr. HUSTED submitted an amendment intended to be proposed by
him to the bill S. 4784, to authorize appropriations for fiscal year
2027 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 title X, add the following:
SEC. 1094. BENEFIT CALCULATION FOR CERTAIN AUTO AND DEFENSE
PENSIONS.
(a) Guaranteed Benefit Calculation for Certain Plans.--
(1) In general.--
(A) Increase to full vested plan benefit.--
(i) 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 subparagraph (D) 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.
(ii) 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 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
subparagraph (D), 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.
(B) Recalculation of certain benefits.--
(i) In general.--In any case in which the amount of monthly
benefits with respect to an eligible participant or
beneficiary described in subparagraph (A) was calculated
prior to the date of enactment of this Act, the corporation
shall recalculate such amount pursuant to subparagraph (A),
and shall adjust any subsequent payments of such monthly
benefits accordingly, as soon as practicable after such date.
(ii) 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 clause (i) in an
amount equal to--
(I) in the case of an eligible participant, the excess of--
(aa) 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
(bb) the sum of any applicable payments made to the
eligible participant; and
(II) in the case of an eligible beneficiary, the sum of--
(aa) the amount that would be determined under subclause
(I) with respect to the participant of which the eligible
beneficiary is a beneficiary if such participant were still
in pay status; plus
(bb) 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 clause 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.
(iii) Eligible participants and beneficiaries.--
(I) In general.--For purposes of this section, an eligible
participant or beneficiary is a participant or beneficiary
who--
(aa) 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;
(bb) has received or will receive applicable payments in
connection with such plan (within the meaning of subclause
(II)) that does not exceed the full vested plan benefits of
such participant or beneficiary; and
(cc) 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
subparagraph, applicable payments to a participant or
beneficiary in connection with a plan consist of the
following:
(aa) Payments under the plan equal to the normal benefit
guarantee of the participant or beneficiary.
(bb) 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.
(C) Definitions.--For purposes of this paragraph--
(i) 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 maximum guaranteed benefit limitation under
subsection (b)(3) of such section (including the accrued-at-
normal limitation).
(ii) 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.
[[Page S3905]]
(D) Covered plans.--The covered plans specified in this
subparagraph are the following:
(i) The Delphi Hourly-Rate Employees Pension Plan.
(ii) The Delphi Retirement Program for Salaried Employees.
(iii) The PHI Non-Bargaining Retirement Plan.
(iv) The ASEC Manufacturing Retirement Program.
(v) The PHI Bargaining Retirement Plan.
(vi) The Delphi Mechatronic Systems Retirement Program.
(E) 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.
(2) Trust fund for payment of increased benefits.--
(A) 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.
(B) 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 paragraph (1) 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.
(C) 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
paragraph (1) and for necessary administrative and operating
expenses of the corporation relating to such payment.
(3) 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.
(b) Pension 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 (or any successor regulation),
for plan years commencing after December 31, 2034, and before
January 1, 2036, the premium due date for such plan years
shall be the fifteenth day of the ninth calendar month that
begins on or after the first day of the premium payment year.
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