II 

117TH CONGRESS 

2D SESSION S. 3766 

To increase the benefits guaranteed in connection with certain pension plans, 

and for other purposes. 

IN THE SENATE OF THE UNITED STATES 

MARCH 7, 2022 

Mr. BROWN (for himself, Mr. PORTMAN, Ms. STABENOW, Mr. PETERS, and 

Mr. YOUNG) introduced the following bill; which was read twice and referred to the Committee on Finance 

A BILL 

To increase the benefits guaranteed in connection with 

certain pension plans, and for other purposes. 

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 ‘‘Susan Muffley Act of 

5 2022’’. 

6 SEC. 2. GUARANTEED BENEFIT CALCULATION FOR CER7 TAIN PLANS. 

8 (a) IN GENERAL.— 

9 (1) INCREASE TO FULL VESTED PLAN BEN10 EFIT.— 


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1 (A) IN GENERAL.—For purposes of deter2 mining what benefits are guaranteed under sec3 tion 4022 of the Employee Retirement Income 

4 Security Act of 1974 (29 U.S.C. 1322) with re5 spect to an eligible participant or beneficiary 

6 under a covered plan specified in paragraph (4) 

7 in connection with the termination of such plan, 

8 the amount of monthly benefits shall be equal 

9 to the full vested plan benefit with respect to 

10 the participant. 

11 (B) NO EFFECT ON PREVIOUS DETER12 MINATIONS.—Nothing in this Act shall be con13 strued to change the allocation of assets and re14 coveries under sections 4044(a) and 4022(c) of 

15 the Employee Retirement Income Security Act 

16 of 1974 (29 U.S.C. 1344(a); 1322(c)) as pre17 viously determined by the Pension Benefit 

18 Guaranty Corporation (referred to in this sec19 tion as the ‘‘corporation’’) for the covered plans 

20 specified in paragraph (4), and the corpora21 tion’s applicable rules, practices, and policies on 

22 benefits payable in terminated single-employer 

23 plans shall, except as otherwise provided in this 

24 section, continue to apply with respect to such 

25 covered plans. 


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1 (2) RECALCULATION OF CERTAIN BENEFITS.— 

2 (A) IN GENERAL.—In any case in which 

3 the amount of monthly benefits with respect to 

4 an eligible participant or beneficiary described 

5 in paragraph (1) was calculated prior to the 

6 date of enactment of this Act, the corporation 

7 shall recalculate such amount pursuant to para8 graph (1), and shall adjust any subsequent pay9 ments of such monthly benefits accordingly, as 

10 soon as practicable after such date. 

11 (B) LUMP-SUM PAYMENTS OF PAST-DUE

12 BENEFITS.—Not later than 180 days after the 

13 date of enactment of this Act, the corporation, 

14 in consultation with the Secretary of the Treas15 ury and the Secretary of Labor, shall make a 

16 lump-sum payment to each eligible participant 

17 or beneficiary whose guaranteed benefits are re18 calculated under subparagraph (A) in an 

19 amount equal to— 

20 (i) in the case of an eligible partici21 pant, the excess of— 

22 (I) the total of the full vested 

23 plan benefits of the participant for all 

24 months for which such guaranteed 


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1 benefits were paid prior to such recal2 culation, over 

3 (II) the sum of any applicable 

4 payments made to the eligible partici5 pant; and 

6 (ii) in the case of an eligible bene7 ficiary, the sum of— 

8 (I) the amount that would be de9 termined under clause (i) with respect 

10 to the participant of which the eligible 

11 beneficiary is a beneficiary if such 

12 participant were still in pay status; 

13 plus 

14 (II) the excess of— 

15 (aa) the total of the full 

16 vested plan benefits of the eligi17 ble beneficiary for all months for 

18 which such guaranteed benefits 

19 were paid prior to such recalcula20 tion, over 

21 (bb) the sum of any applica22 ble payments made to the eligible 

23 beneficiary. 

24 Notwithstanding the previous sentence, the cor25 poration shall increase each lump-sum payment 


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1 made under this subparagraph to account for 

2 foregone interest in an amount determined by 

3 the corporation designed to reflect a 6 percent 

4 annual interest rate on each past-due amount 

5 attributable to the underpayment of guaranteed 

6 benefits for each month prior to such recalcula7 tion. 

8 (C) ELIGIBLE PARTICIPANTS AND BENE9 FICIARIES.— 

10 (i) IN GENERAL.—For purposes of 

11 this section, an eligible participant or bene12 ficiary is a participant or beneficiary 

13 who— 

14 (I) as of the date of the enact15 ment of this Act, is in pay status 

16 under a covered plan or is eligible for 

17 future payments under such plan; 

18 (II) has received or will receive 

19 applicable payments in connection 

20 with such plan (within the meaning of 

21 clause (ii)) that does not exceed the 

22 full vested plan benefits of such par23 ticipant or beneficiary; and 

24 (III) is not covered by the 1999 

25 agreements between General Motors 


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1 and various unions providing a top-up 

2 benefit to certain hourly employees 

3 who were transferred from the Gen4 eral Motors Hourly-Rate Employees 

5 Pension Plan to the Delphi Hourly6 Rate Employees Pension Plan. 

7 (ii) APPLICABLE PAYMENTS.—For 

8 purposes of this paragraph, applicable pay9 ments to a participant or beneficiary in 

10 connection with a plan consist of the fol11 lowing: 

12 (I) Payments under the plan 

13 equal to the normal benefit guarantee 

14 of the participant or beneficiary. 

15 (II) Payments to the participant 

16 or beneficiary made pursuant to sec17 tion 4022(c) of the Employee Retire18 ment Income Security Act of 1974 

19 (29 U.S.C. 1322(c)) or otherwise re20 ceived from the corporation in connec21 tion with the termination of the plan. 

22 (3) DEFINITIONS.—For purposes of this sub23 section— 

24 (A) FULL VESTED PLAN BENEFIT.—The 

25 term ‘‘full vested plan benefit’’ means the 


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1 amount of monthly benefits that would be guar2 anteed under section 4022 of the Employee Re3 tirement Income Security Act of 1974 (29 

4 U.S.C. 1322) as of the date of plan termination 

5 with respect to an eligible participant or bene6 ficiary if such section were applied without re7 gard to the phase-in limit under subsection 

8 (b)(1) of such section and the maximum guar9 anteed benefit limitation under subsection 

10 (b)(3) of such section (including the accrued-at11 normal limitation). 

12 (B) NORMAL BENEFIT GUARANTEE.—The 

13 term ‘‘normal benefit guarantee’’ means the 

14 amount of monthly benefits guaranteed under 

15 section 4022 of the Employee Retirement In16 come Security Act of 1974 (29 U.S.C. 1322) 

17 with respect to an eligible participant or bene18 ficiary without regard to this Act. 

19 (4) COVERED PLANS.—The covered plans speci20 fied in this paragraph are the following: 

21 (A) The Delphi Hourly-Rate Employees 

22 Pension Plan. 

23 (B) The Delphi Retirement Program for 

24 Salaried Employees. 


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1 (C) The PHI Non-Bargaining Retirement 

2 Plan. 

3 (D) The ASEC Manufacturing Retirement 

4 Program. 

5 (E) The PHI Bargaining Retirement Plan. 

6 (F) The Delphi Mechatronic Systems Re7 tirement Program. 

8 (5) TREATMENT OF PBGC DETERMINATIONS.— 

9 Any determination made by the corporation under 

10 this section concerning a recalculation of benefits or 

11 lump-sum payment of past-due benefits shall be sub12 ject to administrative review by the corporation. Any 

13 new determination made by the corporation under 

14 this section shall be governed by the same adminis15 trative review process as any other benefit deter16 mination by the corporation. 

17 (b) TRUST FUND FOR PAYMENT OF INCREASED

18 BENEFITS.— 

19 (1) ESTABLISHMENT.—There is established in 

20 the Treasury a trust fund to be known as the ‘‘Del21 phi Full Vested Plan Benefit Trust Fund’’ (referred 

22 to in this subsection as the ‘‘Fund’’), consisting of 

23 such amounts as may be appropriated or credited to 

24 the Fund as provided in this section. 


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1 (2) FUNDING.—There is appropriated, out of 

2 amounts in the Treasury not otherwise appropriated, 

3 such amounts as are necessary for the costs of pay4 ments of the portions of monthly benefits guaran5 teed to participants and beneficiaries pursuant to 

6 subsection (a) and for necessary administrative and 

7 operating expenses of the corporation relating to 

8 such payments. The Fund shall be credited with 

9 amounts from time to time as the Secretary of the 

10 Treasury, in coordination with the Director of the 

11 corporation, determines appropriate, out of amounts 

12 in the Treasury not otherwise appropriated. 

13 (3) EXPENDITURES FROM FUND.—Amounts in 

14 the Fund shall be available for the payment of the 

15 portion of monthly benefits guaranteed to a partici16 pant or beneficiary pursuant to subsection (a) and 

17 for necessary administrative and operating expenses 

18 of the corporation relating to such payment. 

19 (c) REGULATIONS.—The corporation, in consultation 

20 with the Secretary of the Treasury and the Secretary of 

21 Labor, may issue such regulations as necessary to carry 

22 out this section. 

23 (d) TAX TREATMENT OF LUMP-SUM PAYMENTS.— 

24 (1) IN GENERAL.—Unless the taxpayer elects 

25 (at such time and in such manner as the Secretary 


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1 may provide) to have this paragraph not apply with 

2 respect to any lump-sum payment under subsection 

3 (a)(2)(B), the amount of such payment shall be in4 cluded in the taxpayer’s gross income ratably over 

5 the 3-taxable-year period beginning with the taxable 

6 year in which such payment is received. 

7 (2) SPECIAL RULES RELATED TO DEATH.— 

8 (A) IN GENERAL.—If the taxpayer dies be9 fore the end of the 3-taxable-year period de10 scribed in paragraph (1), any amount to which 

11 paragraph (1) applies which has not been in12 cluded in gross income for a taxable year end13 ing before the taxable year in which such death 

14 occurs shall be included in gross income for 

15 such taxable year. 

16 (B) SPECIAL ELECTION FOR SURVIVING

17 SPOUSES OF ELIGIBLE PARTICIPANTS.—If— 

18 (i) a taxpayer with respect to whom 

19 paragraph (1) applies dies, 

20 (ii) such taxpayer is an eligible partic21 ipant, 

22 (iii) the surviving spouse of such eligi23 ble participant is entitled to a survivor 

24 benefit from the corporation with respect 

25 to such eligible participant, and 


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1 (iv) such surviving spouse elects (at 

2 such time and in such manner as the Sec3 retary may provide) the application of this 

4 subparagraph, 

5 subparagraph (A) shall not apply and any 

6 amount which would have (but for such tax7 payer’s death) been included in the gross in8 come of such taxpayer under paragraph (1) for 

9 any taxable year beginning after the date of 

10 such death shall be included in the gross in11 come of such surviving spouse for the taxable 

12 year of such surviving spouse ending with or 

13 within such taxable year of the taxpayer. 

Æ 


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