II 

117TH CONGRESS 

2D SESSION H. R. 6929 

IN THE SENATE OF THE UNITED STATES 

JULY 28, 2022 

Received 

AN ACT 

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, 


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1 SECTION 1. SHORT TITLE. 

2 This Act may be cited as the ‘‘Susan Muffley Act of 

3 2022’’. 

4 SEC. 2. GUARANTEED BENEFIT CALCULATION FOR CER5 TAIN PLANS. 

6 (a) IN GENERAL.— 

7 (1) INCREASE TO FULL VESTED PLAN BEN8 EFIT.— 

9 (A) IN GENERAL.—For purposes of deter10 mining what benefits are guaranteed under sec11 tion 4022 of the Employee Retirement Income 

12 Security Act of 1974 (in this section referred to 

13 as ‘‘ERISA’’) with respect to an eligible partici14 pant or beneficiary under a covered plan speci15 fied in paragraph (4) in connection with the 

16 termination of such plan, the amount of month17 ly benefits shall be equal to the full vested plan 

18 benefit with respect to the participant. 

19 (B) NO EFFECT ON PREVIOUS DETER20 MINATIONS.—Nothing in this Act shall be con21 strued to change the allocation of assets and re22 coveries under sections 4044(a) and 4022(c) of 

23 ERISA as previously determined by the Pension 

24 Benefit Guaranty Corporation (in the section 

25 referred to as the ‘‘corporation’’) for the cov26 ered plans specified in paragraph (4), and the 


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1 corporation’s applicable rules, practices, and 

2 policies on benefits payable in terminated sin3 gle-employer plans shall, except as otherwise 

4 provided in this section, continue to apply with 

5 respect to such covered plans. 

6 (2) RECALCULATION OF CERTAIN BENEFITS.— 

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

8 the amount of monthly benefits with respect to 

9 an eligible participant or beneficiary described 

10 in paragraph (1) was calculated prior to the 

11 date of enactment of this Act, the corporation 

12 shall recalculate such amount pursuant to para13 graph (1), and shall adjust any subsequent pay14 ments of such monthly benefits accordingly, as 

15 soon as practicable after such date. 

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

17 BENEFITS.—Not later than 180 days after the 

18 date of enactment of this Act, the corporation, 

19 in consultation with the Secretary of the Treas20 ury and the Secretary of Labor, shall make a 

21 lump-sum payment to each eligible participant 

22 or beneficiary whose guaranteed benefits are re23 calculated under subparagraph (A) in an 

24 amount equal to— 


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1 (i) in the case of an eligible partici2 pant, the excess of— 

3 (I) the total of the full vested 

4 plan benefits of the participant for all 

5 months for which such guaranteed 

6 benefits were paid prior to such recal7 culation, over 

8 (II) the sum of any applicable 

9 payments made to the eligible partici10 pant; and 

11 (ii) in the case of an eligible bene12 ficiary, the sum of— 

13 (I) the amount that would be de14 termined under clause (i) with respect 

15 to the participant of which the eligible 

16 beneficiary is a beneficiary if such 

17 participant were still in pay status; 

18 plus 

19 (II) the excess of— 

20 (aa) the total of the full 

21 vested plan benefits of the eligi22 ble beneficiary for all months for 

23 which such guaranteed benefits 

24 were paid prior to such recalcula25 tion, over 


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1 (bb) the sum of any applica2 ble payments made to the eligible 

3 beneficiary. 

4 Notwithstanding the previous sentence, the cor5 poration shall increase each lump-sum payment 

6 made under this subparagraph to account for 

7 foregone interest in an amount determined by 

8 the corporation designed to reflect a 6 percent 

9 annual interest rate on each past-due amount 

10 attributable to the underpayment of guaranteed 

11 benefits for each month prior to such recalcula12 tion. 

13 (C) ELIGIBLE PARTICIPANTS AND BENE14 FICIARIES.— 

15 (i) IN GENERAL.—For purposes of 

16 this section, an eligible participant or bene17 ficiary is a participant or beneficiary 

18 who— 

19 (I) as of the date of the enact20 ment of this Act, is in pay status 

21 under a covered plan or is eligible for 

22 future payments under such plan; 

23 (II) has received or will receive 

24 applicable payments in connection 

25 with such plan (within the meaning of 


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1 clause (ii)) that does not exceed the 

2 full vested plan benefits of such par3 ticipant or beneficiary; and 

4 (III) is not covered by the 1999 

5 agreements between General Motors 

6 and various unions providing a top-up 

7 benefit to certain hourly employees 

8 who were transferred from the Gen9 eral Motors Hourly-Rate Employees 

10 Pension Plan to the Delphi Hourly11 Rate Employees Pension Plan. 

12 (ii) APPLICABLE PAYMENTS.—For 

13 purposes of this paragraph, applicable pay14 ments to a participant or beneficiary in 

15 connection with a plan consist of the fol16 lowing: 

17 (I) Payments under the plan 

18 equal to the normal benefit guarantee 

19 of the participant or beneficiary. 

20 (II) Payments to the participant 

21 or beneficiary made pursuant to sec22 tion 4022(c) or otherwise received 

23 from the corporation in connection 

24 with the termination of the plan. 


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1 (3) DEFINITIONS.—For purposes of this sub2 section— 

3 (A) FULL VESTED PLAN BENEFIT.—The 

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

5 amount of monthly benefits that would be guar6 anteed under section 4022 of ERISA as of the 

7 date of plan termination with respect to an eli8 gible participant or beneficiary if such section 

9 were applied without regard to the phase-in 

10 limit in subsection (b)(1) of such Act and the 

11 maximum guaranteed benefit limitation in sub12 section (b)(3) of such Act (including the ac13 crued-at-normal limitation). 

14 (B) NORMAL BENEFIT GUARANTEE.—The 

15 term ‘‘normal benefit guarantee’’ means the 

16 amount of monthly benefits guaranteed under 

17 such section with respect to an eligible partici18 pant or beneficiary 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 of the United States a trust fund to 

21 be known as the ‘‘Delphi Full Vested Plan Benefit 

22 Trust Fund’’ (hereafter in this subsection referred 

23 to as the ‘‘Fund’’), consisting of such amounts as 

24 may be appropriated or credited to the Fund as pro25 vided in this section. 


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1 (2) FUNDING.—There is appropriated from the 

2 general fund such amounts as are necessary for the 

3 costs of the payment of the portion of monthly bene4 fits guaranteed to a participant or beneficiary pursu5 ant to subsection (a) and for necessary administra6 tive and operating expenses of the corporation relat7 ing to such payment. The Fund shall be credited 

8 with amounts from time to time as the Secretary of 

9 the Treasury, in conjunction with the Director of the 

10 corporation, determines appropriate, from the gen11 eral fund of the Treasury. 

12 (3) EXPENDITURES FROM FUND.—Amounts in 

13 the Fund shall be available for the payment of the 

14 portion of monthly benefits guaranteed to a partici15 pant or beneficiary pursuant to subsection (a) and 

16 for necessary administrative and operating expenses 

17 of the corporation relating to such payment. 

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

19 with the Secretary of the Treasury and the Secretary of 

20 Labor, may issue such regulations as necessary to carry 

21 out this section. 

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

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

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

25 may provide) to have this paragraph not apply with 


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1 respect to any lump-sum payment under subsection 

2 (a)(2)(B), the amount of such payment shall be in3 cluded in the taxpayer’s gross income ratably over 

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

5 year in which such payment is received. 

6 (2) SPECIAL RULES RELATED TO DEATH.— 

7 (A) IN GENERAL.—If the taxpayer dies be8 fore the end of the 3-taxable-year period de9 scribed in paragraph (1), any amount to which 

10 paragraph (1) applies which has not been in11 cluded in gross income for a taxable year end12 ing before the taxable year in which such death 

13 occurs shall be included in gross income for 

14 such taxable year. 

15 (B) SPECIAL ELECTION FOR SURVIVING

16 SPOUSES OF ELIGIBLE PARTICIPANTS.—If— 

17 (i) a taxpayer with respect to whom 

18 paragraph (1) applies dies, 

19 (ii) such taxpayer is an eligible partic20 ipant, 

21 (iii) the surviving spouse of such eligi22 ble participant is entitled to a survivor 

23 benefit from the corporation with respect 

24 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. 

14 SEC. 3. PENSION VARIABLE RATE PREMIUM PAYMENT AC15 CELERATION. 

16 Notwithstanding section 4007(a) of the Employee 

17 Retirement Income Security Act of 1974 (29 U.S.C. 

18 1307(a)) and section 4007.11 of title 29, Code of Federal 

19 Regulations, any additional premium determined under 

20 subparagraph (E) of section 4006(a)(3) of such Act (29 

21 U.S.C. 1306(a)(3)) the due date for which is (but for this 

22 section) after September 15, 2032, and before November 

23 1, 2032, shall be due not later than September 15, 2032. 


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1 SEC. 4. PENSION BENEFIT GUARANTY CORPORATION RE2 PORT. 

3 (a) REQUEST FOR INFORMATION.—Not later than 1 

4 year after the date of enactment of this Act, the Director 

5 of the Pension Benefit Guaranty Corporation shall issue 

6 a request for information to the public regarding ways to 

7 ensure the long-term solvency of the Pension Benefit 

8 Guaranty Corporation’s insurance programs. 

9 (b) REPORT TO CONGRESS.—Not later than 2 years 

10 after the date of enactment of this Act, the Director of 

11 the Pension Benefit Guaranty Corporation shall, taking 

12 into consideration the information received in the request 

13 for information described in subsection (a), submit a re14 port, which shall include recommendations on how to en15 sure the long-term solvency of the Pension Benefit Guar16 anty Corporation’s insurance programs, to the Committee 

17 on Education and Labor and the Committee on Ways and 

18 Means of the House of Representatives and the Committee 

19 on Health, Education, Labor, and Pensions and the Com20 mittee on Finance of the Senate. 

Passed the House of Representatives July 27, 2022. 

Attest: CHERYL L. JOHNSON, 

Clerk. 


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