Referred to the Committee on Education and Workforce, and in addition to the Committee on Ways and Means, for a period to be subsequently determined by the Speaker, in each case f…
The bill directs the Pension Benefit Guaranty Corporation (PBGC) to guarantee and pay the full vested monthly benefits (ignoring certain statutory phase-in and maximum limits) for participants and beneficiaries of six specified Delphi/PHI/ASEC pension plans. It requires PBGC to recalculate prior benefit determinations, make lump-sum catch-up payments (including an adjustment reflecting 6% annual interest), and establishes a Treasury trust fund to receive appropriations to cover increased payments and related administrative costs.
Support hinges on prioritizing retiree restoration versus federal cost.
Targeted benefit for identifiable constituents may attract bipartisan sponsorship, but requires appropriations and committee approval.
The bill directs the Pension Benefit Guaranty Corporation (PBGC) to guarantee and pay the full vested monthly benefits (ignoring certain statutory phase-in and maximum limits) for participants and beneficiaries of six specified Delphi/PHI/ASEC pension plans.
It requires PBGC to recalculate prior benefit determinations, make lump-sum catch-up payments (including an adjustment reflecting 6% annual interest), and establishes a Treasury trust fund to receive appropriations to cover increased payments and related administrative costs.
PBGC determinations under the bill remain administratively reviewable, the Secretary of Treasury and Labor may be consulted for regulations, and taxpayers receiving lump sums may elect three-year ratable income inclusion with limited death-related rules.
Narrow, constituency-specific relief improves prospects, but open-ended appropriation language and fiscal concerns reduce overall chances.
How solid the drafting looks.
Support hinges on prioritizing retiree restoration versus federal cost.
These are examples from the analysis, not a ranked list of the most-affected groups.
Support hinges on prioritizing retiree restoration versus federal cost.
Strongly supportive.
The bill restores full vested pension benefits to affected retirees and provides timely backpay with interest.
It corrects underpayments tied to statutory limits and prioritizes retiree security.
Cautiously favorable but pragmatic.
The bill fairly compensates a defined group of retirees, yet raises fiscal and implementation questions.
Support conditional on clear cost accounting and administrative feasibility.
Generally opposed.
While sympathetic to retirees, this law creates new federal expenses and targeted relief that sets an undesirable precedent.
Concerns focus on taxpayer burden and long-term PBGC incentives.
Reached or meaningfully advanced
Reached or meaningfully advanced
Still ahead
Still ahead
Still ahead
Narrow, constituency-specific relief improves prospects, but open-ended appropriation language and fiscal concerns reduce overall chances.
The bill has not accumulated any surfaced votes yet.
Support hinges on prioritizing retiree restoration versus federal cost.
Narrow, constituency-specific relief improves prospects, but open-ended appropriation language and fiscal concerns reduce overall chances.
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