To make available funds from the Emergency Economic Stabilization Act of 2008 for funding pension benefits with respect to former employees of Delphi Corporation.

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Delphi Pensions Restoration Act of 
2012''.

SEC. 2. SALE OF TROUBLED ASSETS TO FUND CERTAIN PENSION BENEFITS.

    (a) In General.--Subsection (d) of section 106 of the Emergency 
Economic Stabilization Act of 2008 (12 U.S.C. 5216) is amended to read 
as follows:
    ``(d) Disposition of Revenues.--
            ``(1) Transfer to treasury.--Except as provided in 
        paragraph (2), revenues of, and proceeds from the sale of 
        troubled assets purchased under this Act, or from the sale, 
        exercise, or surrender of warrants or senior debt instruments 
        acquired under section 113 shall be paid into the general fund 
        of the Treasury for reduction of the public debt.
            ``(2) Funding of certain pension benefits.--Proceeds from 
        the sale or transfer, after the date of the enactment of the 
        Delphi Pensions Restoration Act of 2012, of any stock, warrant, 
        or financial instrument acquired by the Secretary in connection 
        with providing financial assistance to the General Motors 
        Corporation under this Act shall be transferred to the Delphi 
        Retired Employees Fund established under section 3 of such 
        Act.''.

SEC. 3. DELPHI RETIRED EMPLOYEES FUND.

    (a) Establishment of Fund.--There is established on the books of 
the Treasury of the United States a Delphi Retired Employees Fund 
(hereinafter in this section referred to as the ``Fund'') to be used by 
the Secretary of the Treasury in making the payments required under 
subsection (b).
    (b) Payments From the Fund.--The Fund shall be available--
            (1) for paying to each eligible separated employee (on a 
        lump sum basis, if appropriate) an amount equal to--
                    (A) the nonforfeitable benefits to which such 
                employee was entitled under a defined benefit plan 
                described in subsection (d) as in effect immediately 
                before the termination of the plan, but which are not 
                payable to such employee by reason of the termination 
                of the plan; reduced by
                    (B) the amounts paid to such employee by the 
                Pension Benefit Guaranty Corporation under section 
                4022(a) of the Employee Retirement Security Act of 1974 
                (29 U.S.C. 1322(a)); and
            (2) for paying the operational and administrative expenses 
        in connection with the operation of the Fund, including 
        reimbursement of expenses incurred by the Pension Benefit 
        Guaranty Corporation in connection with the information sharing 
        requirements of subsection (e).
    (c) Eligible Separated Employee.--For purposes of this section, the 
term ``eligible separated employee'' means any individual--
            (1) who is separated from employment with Delphi 
        Corporation before the date of the enactment of this Act;
            (2) who was a participant in a defined benefit plan 
        described in subsection (d); and
            (3) who is not covered by any agreement between the General 
        Motors Corporation and participants in such a defined benefit 
        plan under which the General Motors Corporation provides to the 
        participants that are covered by the agreement a payment of 
        nonforfeitable benefits in an amount equal to the amount that 
        such participants would have been entitled to receive under the 
        plan but for the termination of such plan.
    (d) Defined Benefit Plans Described.--A defined benefit plan 
described in this subsection is a defined benefit plan--
            (1) that was terminated before the date of the enactment of 
        this Act pursuant to a proceeding under title 11, United States 
        Code;
            (2) that was sponsored by the Delphi Corporation before the 
        date of such termination; and
            (3) with respect to which the Pension Benefit Guaranty 
        Corporation is administering, as of such date of enactment, the 
        payment of the nonforfeitable benefits guaranteed under section 
        4022(a) of the Employee Retirement Security Act of 1974 (29 
        U.S.C. 1322(a)).
    (e) Information Sharing by Pension Benefit Guaranty Corporation.--
The Pension Benefit Guaranty Corporation shall provide to the Secretary 
of the Treasury such information as the Secretary of the Treasury may 
request to assist in determining the amount of each payment required to 
be made under subsection (b)(1).
    (f) Investment of the Fund.--Whenever the Secretary of the Treasury 
determines that the moneys of the Fund are in excess of current needs, 
the Secretary of the Treasury may invest such amounts as such Secretary 
deems advisable in obligations issued or guaranteed by the United 
States. Earnings on investment under the preceding sentence shall be 
credited to the Fund.

SEC. 4. APPLICATION TO PENDING LITIGATION.

    Nothing in this Act shall be construed to invalidate, vitiate, or 
otherwise interfere with any legal or administrative proceeding 
initiated prior to the date of the enactment of this Act.

Summary: Delphi Pensions Restoration Act of 2012 - Amends the Emergency Economic Stabilization Act of 2008 to require transfer to the Delphi Retired Employees Fund of all proceeds from the sale or transfer, after enactment of this Act, of any stock, warrant, or financial instrument acquired by the Secretary of the Treasury in connection with providing financial assistance to the General Motors Corporation (GM).

Establishes the Delphi Retired Employees Fund in the Treasury for payments to eligible employees separated from Delphi Corporation who participated in a now terminated Delphi-sponsored defined benefit plan, but who are not covered by any agreement between GM and participants in another defined benefit plan under which GM pays covered participants nonforfeitable benefits equal to the amount they would have been entitled to receive under the plan but for the plan's termination.

Makes the Fund available to pay each eligible separated employee an amount equal to such nonforfeitable benefits, reduced by any amounts already paid the employee by the Pension Benefit Guaranty Corporation (PBGC) under the Employee Retirement Security Act of 1974 (ERISA).