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 recalculate and guarantee full vested monthly benefits (ignoring ERISA 4022 phase-in and maximum limits) for participants and beneficiaries of six named Delphi-related pension plans. PBGC must make lump-sum backpayments within 180 days with a 6% annual interest adjustment, allow administrative review of new determinations, and fund the costs from the unobligated balance of the PBGC fund under ERISA section 4005.
Liberal emphasizes correcting retiree underpayments; conservatives emphasize statutory overreach and moral hazard.
Relative to its intended legislative type, this bill is a focused substantive change that meaningfully amends benefit-guarantee treatment for specified pension plans and provides concrete statutory mechanics for recalculation, payment, funding, and taxation while delegating implementation details to the PBGC and executive agencies.
The bill directs the Pension Benefit Guaranty Corporation (PBGC) to recalculate and guarantee full vested monthly benefits (ignoring ERISA 4022 phase-in and maximum limits) for participants and beneficiaries of six named Delphi-related pension plans.
PBGC must make lump-sum backpayments within 180 days with a 6% annual interest adjustment, allow administrative review of new determinations, and fund the costs from the unobligated balance of the PBGC fund under ERISA section 4005.
The bill also sets tax rules treating lump sums ratably over three years (with special survivor rules) and authorizes PBGC, Treasury, and Labor to issue implementing regulations.
Technically narrow and sympathetic to retirees so plausible in the House; Senate threshold, fiscal precedent, and lack of broad compromise reduce overall odds.
Relative to its intended legislative type, this bill is a focused substantive change that meaningfully amends benefit-guarantee treatment for specified pension plans and provides concrete statutory mechanics for recalculation, payment, funding, and taxation while delegating implementation details to the PBGC and executive agencies.
Liberal emphasizes correcting retiree underpayments; conservatives emphasize statutory overreach and moral hazard.
These are examples from the analysis, not a ranked list of the most-affected groups.
Liberal emphasizes correcting retiree underpayments; conservatives emphasize statutory overreach and moral hazard.
Likely strongly supportive: it restores retirees’ full vested benefits and provides prompt backpay with interest.
It is seen as correcting an unjust shortfall created by statutory limits and PBGC application.
Cautious support: values targeted relief for retirees but worries about PBGC solvency, precedent for other plans, and administrative cost.
Would favor oversight and actuarial review before implementation.
Likely opposed: views the bill as federal overreach that rewrites statutory guarantee limits and risks moral hazard and PBGC fund depletion.
Prefers private or corporate responsibility solutions.
Reached or meaningfully advanced
Reached or meaningfully advanced
Still ahead
Still ahead
Still ahead
Technically narrow and sympathetic to retirees so plausible in the House; Senate threshold, fiscal precedent, and lack of broad compromise reduce overall odds.
The bill has not accumulated any surfaced votes yet.
Liberal emphasizes correcting retiree underpayments; conservatives emphasize statutory overreach and moral hazard.
Technically narrow and sympathetic to retirees so plausible in the House; Senate threshold, fiscal precedent, and lack of broad compromise…
Relative to its intended legislative type, this bill is a focused substantive change that meaningfully amends benefit-guarantee treatment for specified pension plans and provides concrete statutory mechanics for recalcu…
Go beyond the headline summary with full stakeholder mapping, legislative design analysis, passage barriers, and lens-by-lens tradeoff breakdowns.