Bill > S1950

This bill aims to increase pension benefits for certain participants and beneficiaries of specific pension plans, primarily focusing on the Delphi and PHI retirement plans. The bill requires the Pension Benefit Guaranty Corporation (PBGC) to recalculate and increase guaranteed monthly benefits to the "full vested plan benefit" for eligible participants, removing previous limitations on benefit calculations. For participants who have already received benefits, the PBGC must make lump-sum payments within 180 days to make up the difference between their previously calculated benefits and the full vested plan benefits, with an additional 6% annual interest rate applied to past-due amounts. The bill establishes a new trust fund in the Treasury called the "Delphi Full Vested Plan Benefit Trust Fund" to support these increased benefit payments, with necessary funding to be appropriated from the Treasury. The covered plans include the Delphi Hourly-Rate Employees Pension Plan, Delphi Retirement Program for Salaried Employees, PHI Non-Bargaining and Bargaining Retirement Plans, ASEC Manufacturing Retirement Program, and the Delphi Mechatronic Systems Retirement Program. The PBGC will have the authority to issue regulations to implement these changes, in consultation with the Treasury and Labor Departments.

Health and Social Services

https://www.congress.gov/bill/119th-congress/senate-bill/1950/all-info