Susan Muffley Act of 2025
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed Senate
- Passed House
- To President
- Became Law
Overview
The Susan Muffley Act of 2025 aims to increase the benefits guaranteed under certain pension plans, specifically those covered by the Delphi Hourly-Rate Employees Pension Plan and related programs. It directs the Pension Benefit Guaranty Corporation (PBGC) to recalculate monthly benefits for eligible participants and beneficiaries, providing lump-sum payments to cover past-due amounts and accounting for foregone interest. The act also establishes a trust fund to finance these increased benefits.
Key provisions
- Directs the PBGC to recalculate monthly benefits for eligible participants and beneficiaries in covered plans.
- Provides for lump-sum payments to cover past-due guaranteed benefits.
- Includes interest accrual on past-due amounts to reflect foregone interest.
- Defines ‘full vested plan benefit’ for the purpose of benefit calculations.
- Establishes a trust fund (Delphi Full Vested Plan Benefit Trust Fund) to finance the increased benefits.
- Specifies covered plans including Delphi and PHI retirement programs.
- Outlines eligibility criteria for participants and beneficiaries.
- 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
- The Pension Benefit Guaranty Corporation (PBGC)
- The Secretary of the Treasury
- The Secretary of Labor
Bill text
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Sponsors
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12 on record
Primary sponsor
Cosponsors
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