Bill > S2277

This bill, the Susan Muffley Act, aims to increase the benefits guaranteed for certain pension plans that were previously terminated. The key provisions are: 1. Increasing the guaranteed benefit amount to the full vested plan benefit for eligible participants or beneficiaries of the specified covered plans, such as the Delphi Hourly-Rate Employees Pension Plan and the Delphi Retirement Program for Salaried Employees. 2. Requiring the Pension Benefit Guaranty Corporation (PBGC) to recalculate the benefits and make lump-sum payments to eligible participants or beneficiaries for any past underpayments, with interest. 3. Establishing a trust fund, the Delphi Full Vested Plan Benefit Trust Fund, to fund the increased benefit payments and related administrative costs. 4. Providing special tax treatment for the lump-sum payments, allowing the recipient to spread the income over a 3-year period. 5. Accelerating the due date for certain pension variable rate premium payments to the PBGC.

Budget and Finance

https://www.congress.gov/bill/118th-congress/senate-bill/2277/all-info