Delphi Retirees Pension Restoration Act

This bill, the Delphi Retirees Pension Restoration Act, would make the federal pension agency (PBGC) pay the full amount workers earned in certain Delphi‑related pension plans when those plans ended. It tells PBGC to redo benefit calculations so monthly checks match the full earned amount, not the lower capped amounts it usually guarantees .

If people were underpaid before, PBGC must send a lump‑sum make‑up payment within 180 days after the law takes effect, and add interest set to reflect 6% a year on the past‑due amounts. The money would come from PBGC’s existing fund. By default, the lump sum would be included in your taxes evenly over three years, unless you choose otherwise. If the person dies, there are special rules, including an option for a surviving spouse to take over the remaining tax inclusion for future years .

• Who is affected:
  • People already receiving or eligible for future payments from these plans: Delphi Hourly‑Rate Employees Pension Plan; Delphi Retirement Program for Salaried Employees; PHI Non‑Bargaining Retirement Plan; ASEC Manufacturing Retirement Program; PHI Bargaining Retirement Plan; Delphi Mechatronic Systems Retirement Program. Those covered by a 1999 GM “top‑up” agreement for certain transferred hourly workers are excluded.
• What changes:
  • PBGC guarantees increase to the full earned benefit for these plans; past payments are recalculated; make‑up lump sums include 6% interest; PBGC decisions can be reviewed; PBGC may issue rules to carry this out .
• When:
  • Make‑up lump sums must be paid within 180 days after the law takes effect.