(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 
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. 
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(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— 
(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 
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pamtmann on DSKBC07HB2PROD with BILLS
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 
(bb) the sum of any applica-
ble payments made to the eligible 
beneficiary. 
Notwithstanding the previous sentence, the cor-
poration shall increase each lump-sum payment 
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pamtmann on DSKBC07HB2PROD with BILLS
made under this subparagraph to account for 
foregone interest in an amount determined by 
the corporation designed to reflect a 6 percent 
annual interest rate on each past-due amount 
attributable to the underpayment of guaranteed 
benefits for each month prior to such recalcula-
tion. 
(C) ELIGIBLE PARTICIPANTS AND BENE-
FICIARIES.— 
(i) IN
GENERAL.—For purposes of 
this section, an eligible participant or bene-
ficiary is a participant or beneficiary 
who— 
(I) as of the date of the enact-
ment of this Act, is in pay status 
under a covered plan or is eligible for 
future payments under such plan; 
(II) has received or will receive 
applicable payments in connection 
with such plan (within the meaning of 
clause (ii)) that does not exceed the 
full vested plan benefits of such par-
ticipant or beneficiary; and 
(III) is not covered by the 1999 
agreements between General Motors 
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pamtmann on DSKBC07HB2PROD with BILLS
and various unions providing a top-up 
benefit to certain hourly employees 
who were transferred from the Gen-
eral Motors Hourly-Rate Employees 
Pension Plan to the Delphi Hourly- 
Rate Employees Pension Plan. 
(ii) 
APPLICABLE
PAYMENTS.—For 
purposes of this paragraph, applicable pay-
ments to a participant or beneficiary in 
connection with a plan consist of the fol-
lowing: 
(I) Payments under the plan 
equal to the normal benefit guarantee 
of the participant or beneficiary. 
(II) Payments to the participant 
or beneficiary made pursuant to sec-
tion 4022(c) or otherwise received 
from the corporation in connection 
with the termination of the plan. 
(3) DEFINITIONS.—For purposes of this sub-
section— 
(A) FULL VESTED PLAN BENEFIT.—The 
term ‘‘full vested plan benefit’’ means the 
amount of monthly benefits that would be guar-
anteed under section 4022 of ERISA as of the 
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