summary
Introduced
02/13/2025
02/13/2025
In Committee
02/13/2025
02/13/2025
Crossed Over
Passed
Dead
Introduced Session
119th Congress
Bill Summary
A BILL To increase the benefits guaranteed in connection with certain pension plans, and for other purposes.
AI Summary
This bill, named the Susan Muffley Act of 2025, aims to increase pension benefits for certain participants of specific retirement plans, primarily focusing on the Delphi Hourly-Rate Employees Pension Plan and several other related pension plans. The bill instructs the Pension Benefit Guaranty Corporation (PBGC) to recalculate guaranteed benefits for eligible participants, ensuring they receive their full vested plan benefits without previous limitations on maximum guaranteed benefits. For participants who have already received benefits, the PBGC must recalculate their monthly benefits and provide a lump-sum payment within 180 days that accounts for past underpayments, including a 6% annual interest rate on the past-due amounts. Eligible participants are those currently in pay status or eligible for future payments, who have not received benefits exceeding their full vested plan benefits, and are not covered by certain pre-existing union agreements. To fund these increased benefits, the bill establishes a new trust fund in the U.S. Treasury called the Delphi Full Vested Plan Benefit Trust Fund, which will be appropriated necessary funds from the general treasury. The bill also provides special tax treatment for the lump-sum payments, allowing recipients to spread the tax liability over three years or providing alternative provisions for surviving spouses.
Committee Categories
Education
Sponsors (29)
Mike Turner (R)*,
Jim Baird (R),
Troy Balderson (R),
Jack Bergman (R),
André Carson (D),
Warren Davidson (R),
Lois Frankel (D),
Maxwell Frost (D),
John James (R),
Dave Joyce (R),
Marcy Kaptur (D),
Greg Landsman (D),
Nick Langworthy (R),
Kristen McDonald Rivet (D),
John Moolenaar (R),
Gwen Moore (D),
Joe Morelle (D),
Mark Pocan (D),
Michael Rulli (R),
Austin Scott (R),
Adam Smith (D),
Victoria Spartz (R),
Bryan Steil (R),
Haley Stevens (D),
David Taylor (R),
Claudia Tenney (R),
Shri Thanedar (D),
Rashida Tlaib (D),
Daniel Webster (R),
Last Action
Referred to the Committee on Education and 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 02/13/2025)
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/119th-congress/house-bill/1357/all-info |
BillText | https://www.congress.gov/119/bills/hr1357/BILLS-119hr1357ih.pdf |
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