date of plan termination with respect to an eli-
gible participant or beneficiary if such section 
were applied without regard to the phase-in 
limit in subsection (b)(1) of such Act and the 
maximum guaranteed benefit limitation in sub-
section (b)(3) of such Act (including the ac-
crued-at-normal limitation). 
(B) NORMAL BENEFIT GUARANTEE.—The 
term ‘‘normal benefit guarantee’’ means the 
amount of monthly benefits guaranteed under 
such section with respect to an eligible partici-
pant or beneficiary without regard to this Act. 
(4) COVERED PLANS.—The covered plans speci-
fied in this paragraph are the following: 
(A) The Delphi Hourly-Rate Employees 
Pension Plan. 
(B) The Delphi Retirement Program for 
Salaried Employees. 
(C) The PHI Non-Bargaining Retirement 
Plan. 
(D) The ASEC Manufacturing Retirement 
Program. 
(E) The PHI Bargaining Retirement Plan. 
(F) The Delphi Mechatronic Systems Re-
tirement Program. 
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pamtmann on DSKBC07HB2PROD with BILLS
(5) TREATMENT OF PBGC DETERMINATIONS.— 
Any determination made by the corporation under 
this section concerning a recalculation of benefits or 
lump-sum payment of past-due benefits shall be sub-
ject to administrative review by the corporation. Any 
new determination made by the corporation under 
this section shall be governed by the same adminis-
trative review process as any other benefit deter-
mination by the corporation. 
(b) TRUST FUND
FOR PAYMENT
OF INCREASED 
BENEFITS.— 
(1) ESTABLISHMENT.—There is established in 
the Treasury of the United States a trust fund to 
be known as the ‘‘Delphi Full Vested Plan Benefit 
Trust Fund’’ (hereafter in this subsection referred 
to as the ‘‘Fund’’), consisting of such amounts as 
may be appropriated or credited to the Fund as pro-
vided in this section. 
(2) FUNDING.—There is appropriated from the 
general fund such amounts as are necessary for the 
costs of the payment of the portion of monthly bene-
fits guaranteed to a participant or beneficiary pursu-
ant to subsection (a) and for necessary administra-
tive and operating expenses of the corporation relat-
ing to such payment. The Fund shall be credited 
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pamtmann on DSKBC07HB2PROD with BILLS
with amounts from time to time as the Secretary of 
the Treasury, in conjunction with the Director of the 
corporation, determines appropriate, from the gen-
eral fund of the Treasury. 
(3) EXPENDITURES FROM FUND.—Amounts in 
the Fund shall be available for the payment of the 
portion of monthly benefits guaranteed to a partici-
pant or beneficiary pursuant to subsection (a) and 
for necessary administrative and operating expenses 
of the corporation relating to such payment. 
(c) REGULATIONS.—The corporation, in consultation 
with the Secretary of the Treasury and the Secretary of 
Labor, may issue such regulations as necessary to carry 
out this section. 
(d) TAX TREATMENT OF LUMP-SUM PAYMENTS.— 
(1) IN GENERAL.—Unless the taxpayer elects 
(at such time and in such manner as the Secretary 
may provide) to have this paragraph not apply with 
respect to any lump-sum payment under subsection 
(a)(2)(B), the amount of such payment shall be in-
cluded in the taxpayer’s gross income ratably over 
the 3-taxable-year period beginning with the taxable 
year in which such payment is received. 
(2) SPECIAL RULES RELATED TO DEATH.— 
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(A) IN GENERAL.—If the taxpayer dies be-
fore the end of the 3-taxable-year period de-
scribed in paragraph (1), any amount to which 
paragraph (1) applies which has not been in-
cluded in gross income for a taxable year end-
ing before the taxable year in which such death 
occurs shall be included in gross income for 
such taxable year. 
(B) SPECIAL
ELECTION
FOR
SURVIVING 
SPOUSES OF ELIGIBLE PARTICIPANTS.—If— 
(i) a taxpayer with respect to whom 
paragraph (1) applies dies, 
(ii) such taxpayer is an eligible partic-
ipant, 
(iii) the surviving spouse of such eligi-
ble participant is entitled to a survivor 
benefit from the corporation with respect 
to such eligible participant, and 
(iv) such surviving spouse elects (at 
such time and in such manner as the Sec-
retary may provide) the application of this 
subparagraph, 
subparagraph (A) shall not apply and any 
amount which would have (but for such tax-
payer’s death) been included in the gross in-
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