Sponsors (12)
The bill restores full, promptly paid pension benefits for Delphi/PHI retirees by using a Treasury trust fund, trading a meaningful taxpayer cost and potential PBGC precedent (and some unequal treatment for excluded groups) for immediate relief to affected retirees.
Retirees and beneficiaries of the six named Delphi/PHI plans receive their full vested pension benefits instead of reduced PBGC guarantees.
Eligible participants who were underpaid will receive lump-sum past-due payments within 180 days, providing prompt financial redress.
The bill creates a dedicated Treasury trust fund to finance the increased benefits, clarifying the funding source for payments.
Taxpayers bear the cost of the increased PBGC guarantees because appropriations to the new Treasury trust fund will fund the payments.
Providing special restoration for these plans could strain PBGC resources or set a precedent for targeted relief, potentially affecting future PBGC funding and premium levels.
Excluding beneficiaries covered by 1999 GM top‑up agreements creates unequal outcomes for similarly situated retirees.
Based on analysis of 2 sections of legislative text.
Directs PBGC to guarantee full vested benefits for eligible participants/beneficiaries of six Delphi/PHI single-employer plans, requires recalculation and lump-sum payment, and funds payments from Treasury.
Introduced June 4, 2025 by Jon Husted · Last progress June 4, 2025
Requires the Pension Benefit Guaranty Corporation (PBGC) to treat certain participants and beneficiaries of six named Delphi- and PHI-related single-employer pension plans as entitled to their full vested plan benefit when determining guaranteed benefits, overriding normal phase-in and maximum-guarantee limits. PBGC must recalculate prior determinations, pay any past-due lump-sum amounts within 180 days of enactment, and the Treasury will provide whatever amounts are necessary into a newly created trust fund to cover the increased guarantees and related PBGC administrative costs.