II 

112TH CONGRESS 

2D SESSION S. 3544 

To make available funds from the Emergency Economic Stabilization Act 

of 2008 for funding pension benefits with respect to former employees 

of Delphi Corporation. 

IN THE SENATE OF THE UNITED STATES 

SEPTEMBER 13, 2012 

Mr. BROWN of Ohio (for himself, Mr. SCHUMER, and Ms. STABENOW) introduced the following bill; which was read twice and referred to the Committee on Banking, Housing, and Urban Affairs 

A BILL 

To make available funds from the Emergency Economic Stabilization Act of 2008 for funding pension benefits with 

respect to former employees of Delphi Corporation. 

1 Be it enacted by the Senate and House of Representa2 tives of the United States of America in Congress assembled, 

3 SECTION 1. SHORT TITLE. 

4 This Act may be cited as the ‘‘Delphi Pensions Res5 toration Act of 2012’’. 


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1 SEC. 2. SALE OF TROUBLED ASSETS TO FUND CERTAIN 

2 PENSION BENEFITS. 

3 (a) IN GENERAL.—Subsection (d) of section 106 of 

4 the Emergency Economic Stabilization Act of 2008 (12 

5 U.S.C. 5216) is amended to read as follows: 

6 ‘‘(d) DISPOSITION OF REVENUES.— 

7 ‘‘(1) TRANSFER TO TREASURY.—Except as pro8 vided in paragraph (2), revenues of, and proceeds 

9 from the sale of troubled assets purchased under 

10 this Act, or from the sale, exercise, or surrender of 

11 warrants or senior debt instruments acquired under 

12 section 113 shall be paid into the general fund of 

13 the Treasury for reduction of the public debt. 

14 ‘‘(2) FUNDING OF CERTAIN PENSION BENE15 FITS.—Proceeds from the sale or transfer, after the 

16 date of the enactment of the Delphi Pensions Res17 toration Act of 2012, of any stock, warrant, or fi18 nancial instrument acquired by the Secretary in con19 nection with providing financial assistance to the 

20 General Motors Corporation under this Act shall be 

21 transferred to the Delphi Retired Employees Fund 

22 established under section 3 of such Act.’’. 

23 SEC. 3. DELPHI RETIRED EMPLOYEES FUND. 

24 (a) ESTABLISHMENT OF FUND.—There is estab25 lished on the books of the Treasury of the United States 

26 a Delphi Retired Employees Fund (hereinafter in this secVerDate Mar 15 2010 15:59 Sep 14, 2012 Jkt 019200 PO 00000 Frm 00002 Fmt 6652 Sfmt 6201 E:\BILLS\S3544.IS S3544

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1 tion referred to as the ‘‘Fund’’) to be used by the Sec2 retary of the Treasury in making the payments required 

3 under subsection (b). 

4 (b) PAYMENTS FROM THE FUND.—The Fund shall 

5 be available— 

6 (1) for paying to each eligible separated em7 ployee (on a lump sum basis, if appropriate) an 

8 amount equal to— 

9 (A) the nonforfeitable benefits to which 

10 such employee was entitled under a defined 

11 benefit plan described in subsection (d) as in ef12 fect immediately before the termination of the 

13 plan, but which are not payable to such em14 ployee by reason of the termination of the plan; 

15 reduced by 

16 (B) the amounts paid to such employee by 

17 the Pension Benefit Guaranty Corporation 

18 under section 4022(a) of the Employee Retire19 ment Security Act of 1974 (29 U.S.C. 

20 1322(a)); and 

21 (2) for paying the operational and administra22 tive expenses in connection with the operation of the 

23 Fund, including reimbursement of expenses incurred 

24 by the Pension Benefit Guaranty Corporation in 


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1 connection with the information sharing require2 ments of subsection (e). 

3 (c) ELIGIBLE SEPARATED EMPLOYEE.—For pur4 poses of this section, the term ‘‘eligible separated em5 ployee’’ means any individual— 

6 (1) who is separated from employment with 

7 Delphi Corporation before the date of the enactment 

8 of this Act; 

9 (2) who was a participant in a defined benefit 

10 plan described in subsection (d); and 

11 (3) who is not covered by any agreement be12 tween the General Motors Corporation and partici13 pants in such a defined benefit plan under which the 

14 General Motors Corporation provides to the partici15 pants that are covered by the agreement a payment 

16 of nonforfeitable benefits in an amount equal to the 

17 amount that such participants would have been enti18 tled to receive under the plan but for the termi19 nation of such plan. 

20 (d) DEFINED BENEFIT PLANS DESCRIBED.—A de21 fined benefit plan described in this subsection is a defined 

22 benefit plan— 

23 (1) that was terminated before the date of the 

24 enactment of this Act pursuant to a proceeding 

25 under title 11, United States Code; 


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1 (2) that was sponsored by the Delphi Corpora2 tion before the date of such termination; and 

3 (3) with respect to which the Pension Benefit 

4 Guaranty Corporation is administering, as of such 

5 date of enactment, the payment of the nonforfeitable 

6 benefits guaranteed under section 4022(a) of the 

7 Employee Retirement Security Act of 1974 (29 

8 U.S.C. 1322(a)). 

9 (e) INFORMATION SHARING BY PENSION BENEFIT

10 GUARANTY CORPORATION.—The Pension Benefit Guar11 anty Corporation shall provide to the Secretary of the 

12 Treasury such information as the Secretary of the Treas13 ury may request to assist in determining the amount of 

14 each payment required to be made under subsection 

15 (b)(1). 

16 (f) INVESTMENT OF THE FUND.—Whenever the Sec17 retary of the Treasury determines that the moneys of the 

18 Fund are in excess of current needs, the Secretary of the 

19 Treasury may invest such amounts as such Secretary 

20 deems advisable in obligations issued or guaranteed by the 

21 United States. Earnings on investment under the pre22 ceding sentence shall be credited to the Fund. 

23 SEC. 4. APPLICATION TO PENDING LITIGATION. 

24 Nothing in this Act shall be construed to invalidate, 

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1 tive proceeding initiated prior to the date of the enactment 

2 of this Act. 

Æ 


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