Directs the Pension Benefit Guaranty Corporation (PBGC) to treat monthly benefits for certain Delphi- and PHI‑related pension plans as the participants’ full vested benefits when plans terminate. This means covered retirees and beneficiaries will have their benefits recalculated to reflect the full amount they earned, not the reduced guarantees many received.

PBGC must redo past benefit calculations, pay any back pay (including a lump‑sum catch‑up within 180 days of enactment), and continue to use its normal appeal and review process. Payments come from PBGC’s existing ERISA section 4005 fund balance. A special tax rule lets recipients spread income from the lump‑sum over three tax years unless they choose a different approach. Treasury, Labor, and PBGC may issue regulations to carry this out.