Bill > HR1895

This bill, known as the Delphi Retirees Pension Restoration Act, aims to restore full pension benefits for certain retired employees of specific pension plans, primarily those from Delphi and related companies. The bill requires the Pension Benefit Guaranty Corporation (PBGC) to recalculate pension benefits for eligible participants and beneficiaries, ensuring they receive their full vested plan benefits without previous phase-in limits or maximum benefit restrictions. Within 180 days of enactment, the PBGC must provide lump-sum payments to eligible participants that make up the difference between what they previously received and their full vested benefits, with an additional 6% annual interest calculated on past-due amounts. The bill covers six specific pension plans, including the Delphi Hourly-Rate Employees Pension Plan and the Delphi Retirement Program for Salaried Employees. For tax purposes, recipients can choose to spread the lump-sum payment's tax liability over three years, with special provisions for surviving spouses. The funding for these increased benefits will come from unobligated balances in the PBGC's existing fund, and the corporation is authorized to issue necessary regulations to implement these changes.

Education

https://www.congress.gov/bill/119th-congress/house-bill/1895/all-info