HR 6929 RDS
SECTION 1. SHORT TITLE. 
This Act may be cited as the ‘‘Susan Muffley Act of 
2022’’. 
SEC. 2. GUARANTEED BENEFIT CALCULATION FOR CER-
TAIN PLANS. 
(a) IN GENERAL.— 
(1) INCREASE
TO
FULL
VESTED
PLAN
BEN-
EFIT.— 
(A) IN GENERAL.—For purposes of deter-
mining what benefits are guaranteed under sec-
tion 4022 of the Employee Retirement Income 
Security Act of 1974 (in this section referred to 
as ‘‘ERISA’’) with respect to an eligible partici-
pant or beneficiary under a covered plan speci-
fied in paragraph (4) in connection with the 
termination of such plan, the amount of month-
ly benefits shall be equal to the full vested plan 
benefit with respect to the participant. 
(B) NO
EFFECT
ON
PREVIOUS
DETER-
MINATIONS.—Nothing in this Act shall be con-
strued to change the allocation of assets and re-
coveries under sections 4044(a) and 4022(c) of 
ERISA as previously determined by the Pension 
Benefit Guaranty Corporation (in the section 
referred to as the ‘‘corporation’’) for the cov-
ered plans specified in paragraph (4), and the 
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corporation’s applicable rules, practices, and 
policies on benefits payable in terminated sin-
gle-employer plans shall, except as otherwise 
provided in this section, continue to apply with 
respect to such covered plans. 
(2) RECALCULATION OF CERTAIN BENEFITS.— 
(A) IN GENERAL.—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 para-
graph (1), and shall adjust any subsequent pay-
ments of such monthly benefits accordingly, as 
soon as practicable after such date. 
(B) LUMP-SUM
PAYMENTS
OF
PAST-DUE 
BENEFITS.—Not later than 180 days after the 
date of enactment of this Act, the corporation, 
in consultation with the Secretary of the Treas-
ury and the Secretary of Labor, shall make a 
lump-sum payment to each eligible participant 
or beneficiary whose guaranteed benefits are re-
calculated under subparagraph (A) in an 
amount equal to— 
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(i) in the case of an eligible partici-
pant, the excess of— 
(I) the total of the full vested 
plan benefits of the participant for all 
months for which such guaranteed 
benefits were paid prior to such recal-
culation, over 
(II) the sum of any applicable 
payments made to the eligible partici-
pant; and 
(ii) in the case of an eligible bene-
ficiary, the sum of— 
(I) the amount that would be de-
termined 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 
(II) the excess of— 
(aa) the total of the full 
vested plan benefits of the eligi-
ble beneficiary for all months for 
which such guaranteed benefits 
were paid prior to such recalcula-
tion, over 
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