S1950-119

1. Short title This Act may be cited as the Susan Muffley Act of 2025.

2. Guaranteed benefit calculation for certain plans For purposes of determining what benefits are guaranteed under section 4022 of the Employee Retirement Income Security Act of 1974 (29 U.S.C. 1322) with respect to an eligible participant or beneficiary under a covered plan specified in paragraph (4) in connection with the termination of such plan, the amount of monthly benefits shall be equal to the full vested plan benefit with respect to the participant. Nothing in this Act shall be construed to change the allocation of assets and recoveries under sections 4044(a) and 4022(c) of the Employee Retirement Income Security Act of 1974 (29 U.S.C. 1344(a); 1322(c)) as previously determined by the Pension Benefit Guaranty Corporation (referred to in this section as the corporation) for the covered plans specified in paragraph (4), and the corporation’s applicable rules, practices, and policies on benefits payable in terminated single-employer plans shall, except as otherwise provided in this section, continue to apply with respect to such covered plans. In any case in which the amount of monthly benefits with respect to an eligible participant or beneficiary described in paragraph (1) was calculated prior to the date of enactment of this Act, the corporation shall recalculate such amount pursuant to paragraph (1), and shall adjust any subsequent payments of such monthly benefits accordingly, as soon as practicable after such date. Not later than 180 days after the date of enactment of this Act, the corporation, in consultation with the Secretary of the Treasury and the Secretary of Labor, shall make a lump-sum payment to each eligible participant or beneficiary whose guaranteed benefits are recalculated under subparagraph (A) in an amount equal to— in the case of an eligible participant, the excess of— the total of the full vested plan benefits of the participant for all months for which such guaranteed benefits were paid prior to such recalculation, over the sum of any applicable payments made to the eligible participant; and in the case of an eligible beneficiary, the sum of— the amount that would be determined under clause (i) with respect to the participant of which the eligible beneficiary is a beneficiary if such participant were still in pay status; plus the excess of— the total of the full vested plan benefits of the eligible beneficiary for all months for which such guaranteed benefits were paid prior to such recalculation, over the sum of any applicable payments made to the eligible beneficiary. For purposes of this section, an eligible participant or beneficiary is a participant or beneficiary who— as of the date of the enactment of this Act, is in pay status under a covered plan or is eligible for future payments under such plan; has received or will receive applicable payments in connection with such plan (within the meaning of clause (ii)) that does not exceed the full vested plan benefits of such participant or beneficiary; and is not covered by the 1999 agreements between General Motors and various unions providing a top-up benefit to certain hourly employees who were transferred from the General Motors Hourly-Rate Employees Pension Plan to the Delphi Hourly-Rate Employees Pension Plan. For purposes of this paragraph, applicable payments to a participant or beneficiary in connection with a plan consist of the following: Payments under the plan equal to the normal benefit guarantee of the participant or beneficiary. Payments to the participant or beneficiary made pursuant to section 4022(c) of the Employee Retirement Income Security Act of 1974 (29 U.S.C. 1322(c)) or otherwise received from the corporation in connection with the termination of the plan. For purposes of this subsection— The term full vested plan benefit means the amount of monthly benefits that would be guaranteed under section 4022 of the Employee Retirement Income Security Act of 1974 (29 U.S.C. 1322) as of the date of plan termination with respect to an eligible participant or beneficiary if such section were applied without regard to the phase-in limit under subsection (b)(1) of such section and the maximum guaranteed benefit limitation under subsection (b)(3) of such section (including the accrued-at-normal limitation). The term normal benefit guarantee means the amount of monthly benefits guaranteed under section 4022 of the Employee Retirement Income Security Act of 1974 (29 U.S.C. 1322) with respect to an eligible participant or beneficiary without regard to this Act. The covered plans specified in this paragraph are the following: The Delphi Hourly-Rate Employees Pension Plan. The Delphi Retirement Program for Salaried Employees. The PHI Non-Bargaining Retirement Plan. The ASEC Manufacturing Retirement Program. The PHI Bargaining Retirement Plan. The Delphi Mechatronic Systems Retirement Program. Any determination made by the corporation under this section concerning a recalculation of benefits or lump-sum payment of past-due benefits shall be subject to administrative review by the corporation. Any new determination made by the corporation under this section shall be governed by the same administrative review process as any other benefit determination by the corporation. There is established in the Treasury a trust fund to be known as the Delphi Full Vested Plan Benefit Trust Fund (referred to in this subsection as the Fund), consisting of such amounts as may be appropriated or credited to the Fund as provided in this section. There is appropriated, out of amounts in the Treasury not otherwise appropriated, such amounts as are necessary for the costs of payments of the portions of monthly benefits guaranteed to participants and beneficiaries pursuant to subsection (a) and for necessary administrative and operating expenses of the corporation relating to such payments. The Fund shall be credited with amounts from time to time as the Secretary of the Treasury, in coordination with the Director of the corporation, determines appropriate, out of amounts in the Treasury not otherwise appropriated. Amounts in the Fund shall be available for the payment of the portion of monthly benefits guaranteed to a participant or beneficiary pursuant to subsection (a) and for necessary administrative and operating expenses of the corporation relating to such payment. The corporation, in consultation with the Secretary of the Treasury and the Secretary of Labor, may issue such regulations as necessary to carry out this section.