Susan Muffley Act of 2025

Key Points

• This bill restores full pension benefits for retirees from Delphi and related companies whose pensions were cut when their plans were terminated and taken over by the Pension Benefit Guaranty Corporation (PBGC). It removes the phase-in limits and maximum benefit caps that reduced many workers' checks by large amounts.
• The bill covers six specific pension plans tied to Delphi and related companies, including hourly and salaried workers. However, it excludes workers already covered by a 1999 General Motors union top-up agreement.
• Retirees would receive a lump-sum back payment covering every month they were underpaid since their pensions were first cut. The back payments include 6 percent annual interest to account for the years of lost income.
• A new trust fund called the "Delphi Full Vested Plan Benefit Trust Fund" would be created in the U.S. Treasury to pay for the increased benefits, funded by general Treasury funds rather than the existing PBGC insurance program.
• The PBGC must recalculate benefits and issue lump-sum back payments within 180 days of the bill becoming law. All new benefit determinations are subject to the same administrative review process as other PBGC decisions.

Votes

No votes have been recorded for this legislation yet.