What does Preamble of Susan Muffley Act of 2025 do?

This bill, formally titled 'To increase the benefits guaranteed in connection with certain pension plans, and for other purposes,' aims to increase benefits related to specific pension plans. The bill was introduced in the Senate on June 4, 2025.

What does SHORT TITLE. of Susan Muffley Act of 2025 do?

This bill is formally titled the Susan Muffley Act of 2025

What does GUARANTEED BENEFIT CALCULATION FOR CERTAIN PLANS. of Susan Muffley Act of 2025 do?

This section modifies the calculation of guaranteed benefits under section 4022 of the Employee Retirement Income Security Act of 1974 for certain plans. It requires the Pension Benefit Guaranty Corporation (PBGC) to recalculate monthly benefits to equal the full vested plan benefit for eligible participants and beneficiaries of specified covered plans. The PBGC must make lump-sum payments to eligible participants and beneficiaries to account for the difference between previously paid benefits and the recalculated full vested plan benefits, including foregone interest. The covered plans include the Delphi Hourly-Rate Employees Pension Plan, the Delphi Retirement Program for Salaried Employees, the PHI Non-Bargaining Retirement Plan, the ASEC Manufacturing Retirement Program, the PHI Bargaining Retirement Plan, and the Delphi Mechatronic Systems Retirement Program. A 'Delphi Full Vested Plan Benefit Trust Fund' is established to cover the costs of these increased benefits and associated administrative expenses. The PBGC is authorized to issue regulations to carry out the provisions of this section.

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Susan Muffley Act of 2025

Last updated: 6/4/2025 · Introduced: 6/4/2025

Author: Jon Husted (R-OH)

TL;DR (AI)

The bill modifies the calculation of guaranteed benefits under certain pension plans to equal the full vested plan benefit for eligible participants and beneficiaries.
The Pension Benefit Guaranty Corporation (PBGC) must make lump-sum payments to eligible participants and beneficiaries to account for the difference between previously paid benefits and the recalculated full vested plan benefits.
A 'Delphi Full Vested Plan Benefit Trust Fund' is established to cover the costs of these increased benefits and associated administrative expenses.

119th Congressin committeeHR. 1357(In Committee)Official page

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Other Sections

Includes provisions on preamble, short title., and 1 more.

3 sections

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