Bill > S3766

This bill, the Susan Muffley Act of 2022, aims to increase the benefits guaranteed in connection with certain pension plans. The key provisions include: 1. Increasing the guaranteed monthly benefits for eligible participants or beneficiaries under covered plans (the Delphi Hourly-Rate Employees Pension Plan, Delphi Retirement Program for Salaried Employees, and several others) to the full vested plan benefit, rather than the normal benefit guarantee. 2. Requiring the Pension Benefit Guaranty Corporation (PBGC) to recalculate and adjust any previously underpaid benefits, and make lump-sum payments to eligible participants or beneficiaries for the difference. 3. Establishing a trust fund, the "Delphi Full Vested Plan Benefit Trust Fund," to cover the costs of the increased benefits and related administrative expenses. 4. Allowing for the tax treatment of the lump-sum payments, where recipients can choose to spread the income over a 3-year period, with special rules for surviving spouses. The bill aims to ensure that eligible participants and beneficiaries under the specified pension plans receive the full vested plan benefits they are entitled to, even if their previous PBGC-guaranteed benefits were lower.

Budget and Finance

https://www.congress.gov/bill/117th-congress/senate-bill/3766/all-info