S.Amdt. 3233

SA 3233, submitted by Mr. Husted, aims to change how benefits are calculated for certain pensions and adjust premium due dates for specific plan years.

The amendment proposes the following changes:

• Benefit Calculation: It changes the guaranteed monthly benefit for eligible participants or beneficiaries in "covered plans" to equal the full vested plan benefit. This calculation ignores certain phase-in limits and maximum guaranteed benefit limitations.

• Recalculation and Back Pay: The Pension Benefit Guaranty Corporation (the corporation) must recalculate benefits for those calculated before the Act's enactment. It also requires a lump-sum payment of past-due benefits within 180 days, including a 6 percent annual interest rate on underpayments.

• Eligible Participants: To qualify, a person must be in pay status or eligible for future payments, have received payments that do not exceed the full vested plan benefits, and not be covered by 1999 agreements between General Motors and various unions regarding specific top-up benefits.

• Covered Plans: The change applies to:

  • Delphi Hourly-Rate Employees Pension Plan
  • Delphi Retirement Program for Salaried Employees
  • PHI Non-Bargaining Retirement Plan
  • ASEC Manufacturing Retirement Program
  • PHI Bargaining Retirement Plan
  • Delphi Mechatronic Systems Retirement Program

• Funding: It establishes the Delphi Full Vested Plan Benefit Trust Fund in the Treasury to pay for the increased monthly benefits and related administrative expenses.

• Payment Acceleration: For plan years starting after December 31, 2034, and before January 1, 2036, the premium due date is changed to the 15th day of the ninth calendar month that begins on or after the first day of the premium payment year.