summary
Introduced
02/01/2023
02/01/2023
In Committee
02/01/2023
02/01/2023
Crossed Over
Passed
Dead
01/03/2025
01/03/2025
Introduced Session
118th Congress
Bill Summary
A BILL To increase the benefits guaranteed in connection with certain pension plans, and for other purposes.
AI Summary
This bill, the Susan Muffley Act of 2023, aims to increase the pension benefits guaranteed under certain terminated pension plans. The key provisions are:
1. Increasing the guaranteed monthly benefits for eligible participants and beneficiaries of specified covered plans (the Delphi Hourly-Rate Employees Pension Plan, Delphi Retirement Program for Salaried Employees, and several other related plans) to the full vested plan benefit, rather than the normal benefit guarantee.
2. Requiring the Pension Benefit Guaranty Corporation (PBGC) to recalculate and provide lump-sum payments to make up for any underpayment of guaranteed benefits prior to the enactment of this bill.
3. Establishing a trust fund, the "Delphi Full Vested Plan Benefit Trust Fund," to pay for the increased benefits and related administrative costs.
4. Providing special tax treatment for the lump-sum payments, allowing them to be included in the recipient's gross income ratably over a 3-year period.
The bill aims to ensure that eligible participants and beneficiaries of these terminated pension plans receive the full vested benefits they were promised, rather than the reduced guaranteed amounts they had previously received from the PBGC.
Committee Categories
Education
Sponsors (42)
Mike Turner (R)*,
Jim Baird (R),
Troy Balderson (R),
Joyce Beatty (D),
Jack Bergman (R),
Mike Carey (R),
André Carson (D),
Warren Davidson (R),
Debbie Dingell (D),
Veronica Escobar (D),
Brian Fitzpatrick (R),
Lois Frankel (D),
Maxwell Frost (D),
Brian Higgins (D),
Bill Huizenga (R),
John James (R),
Bill Johnson (R),
Dave Joyce (R),
Marcy Kaptur (D),
Dan Kildee (D),
Greg Landsman (D),
Nick Langworthy (R),
Lisa McClain (R),
John Moolenaar (R),
Gwen Moore (D),
Joe Morelle (D),
Frank Mrvan (D),
Brittany Pettersen (D),
Mark Pocan (D),
Michael Rulli (R),
Hillary Scholten (D),
Austin Scott (R),
Elissa Slotkin (D),
Adam Smith (D),
Victoria Spartz (R),
Bryan Steil (R),
Haley Stevens (D),
Claudia Tenney (R),
Shri Thanedar (D),
Rashida Tlaib (D),
Gabe Vasquez (D),
Daniel Webster (R),
Last Action
Referred to the Committee on Education and the Workforce, and in addition to the Committee on Ways and Means, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned. (on 02/01/2023)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.congress.gov/bill/118th-congress/house-bill/735/all-info |
| BillText | https://www.congress.gov/118/bills/hr735/BILLS-118hr735ih.pdf |
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