Sponsors (12)
The bill restores full vested pensions and retroactive pay for specific Delphi/PHI/ASEC plan beneficiaries but shifts costs and financial risk onto taxpayers and the PBGC, with a risk of administrative delays.
Eligible retirees and beneficiaries of the six named Delphi/PHI/ASEC plans will receive their full vested monthly pension benefits and any past-due amounts (paid as lump sums within 180 days), restoring lost income to beneficiaries.
Creates a dedicated Treasury trust fund to cover the increased guarantee payments and PBGC administrative costs, reducing uncertainty about how the retroactive and ongoing payments will be funded.
Taxpayers may ultimately bear the cost of the increased guaranteed pension payments and additional PBGC administrative expenses through appropriations to the new Treasury trust fund.
Large retroactive payments could strain the PBGC’s financial position and its ability to meet other obligations, potentially leading to higher future pension insurance premiums or reduced services for other beneficiaries.
Recalculations and lump-sum determinations are subject to PBGC administrative review, which could cause delays or disputes and postpone relief for some beneficiaries.
Based on analysis of 2 sections of legislative text.
Requires the Pension Benefit Guaranty Corporation (PBGC) to pay the full vested monthly pension benefits — not limited by PBGC’s usual guarantee caps or phase-in rules — to eligible participants and beneficiaries of six named Delphi/PHI/ASEC plans. PBGC must recalculate prior benefit determinations, adjust ongoing payments, and pay lump-sum arrears within 180 days of enactment. Creates a Treasury trust fund to receive and disburse amounts the Secretary of the Treasury (in coordination with PBGC) determines necessary, and appropriates funds from the Treasury to cover the increased guaranteed payments and PBGC administrative costs. Recalculations and past-due payments remain subject to PBGC’s existing administrative review process; PBGC may issue implementing regulations in consultation with Treasury and DOL.
Introduced June 4, 2025 by Jon Husted · Last progress June 4, 2025