Delphi Retirees Pension Restoration Act
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed House
- Passed Senate
- To President
- Became Law
Overview
The Delphi Retirees Pension Restoration Act aims to increase the guaranteed pension benefits for retirees from Delphi Corporation. It recalculates monthly benefits based on a ‘full vested plan benefit’ calculation, providing a larger amount than previously paid. The bill also directs the Pension Benefit Guaranty Corporation (PBGC) to make lump-sum payments to eligible retirees to cover past-due benefits, including interest, and establishes a funding mechanism using existing ERISA funds. It specifically excludes retirees covered by certain 1999 agreements.
Key provisions
- Recalculates monthly pension benefits based on a ‘full vested plan benefit’ calculation.
- Directs the PBGC to make lump-sum payments to eligible retirees to cover past-due benefits, including accrued interest.
- Establishes a funding source for these payments using funds from the ERISA Basic Benefit Fund.
- Excludes retirees covered by specific 1999 agreements between General Motors and unions.
- Defines ‘full vested plan benefit’ and ‘normal benefit guarantee’ for the purpose of the recalculation.
- Specifies the covered pension plans affected by the legislation.
- Requires the PBGC to consult with the Secretary of the Treasury and Secretary of Labor on lump-sum payments.
- Addresses the tax treatment of lump-sum payments, including provisions for surviving spouses.
Who is affected
- Delphi Corporation retirees
Bill text
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Sponsors
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21 on record
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