Susan Muffley Act of 2025
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed House
- Passed Senate
- To President
- Became Law
Overview
The Susan Muffley Act of 2025 aims to correct underpayments in monthly pension benefits for participants affected by the 2009 bankruptcy of Delphi Corporation. It directs the Pension Benefit Guaranty Corporation (PBGC) to recalculate these benefits and provide lump-sum payments to cover past-due amounts, with interest. The bill establishes a dedicated fund to finance these payments and outlines specific tax rules for these adjustments.
Key provisions
- Recalculates monthly pension benefits for eligible participants in specific Delphi Corporation pension plans.
- Provides lump-sum payments to cover past-due benefits, including interest.
- Establishes a trust fund to finance these payments.
- Defines ‘eligible participant’ based on factors including current pay status and received payments.
- Specifies the covered pension plans impacted by the legislation.
- Outlines tax treatment for lump-sum payments, including a 3-year inclusion in gross income.
- Addresses tax treatment for surviving spouses of eligible participants.
- Requires the PBGC to consult with the Secretary of the Treasury and Secretary of Labor on lump-sum payments.
Who is affected
- Pension plan participants and beneficiaries affected by the Delphi Corporation bankruptcy.
- The Pension Benefit Guaranty Corporation (PBGC).
- The Secretary of the Treasury and the Secretary of Labor.
Bill text
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Sponsors
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42 on record
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