S.Amdt. 6667

This amendment, submitted by Mr. Husted, aims to add a new section (SEC. 1094) to the bill regarding benefit calculations for specific auto and defense pensions.

Purpose and Changes

The amendment seeks to change how benefits are calculated and paid for eligible participants and beneficiaries of several "covered plans," which 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
• The Delphi Mechatronic Systems Retirement Program

Key Provisions

• Benefit Increases: It changes the guaranteed monthly benefit to be equal to the "full vested plan benefit," ignoring 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 who were calculated before the Act's enactment. It requires a lump-sum payment for past-due benefits within 180 days, including a 6 percent annual interest rate for underpayments.
• Eligible Persons: This applies to those in pay status or eligible for future payments, provided they do not receive payments exceeding the full vested plan benefits and are not covered by specific 1999 agreements between General Motors and various unions.
• Funding: The amendment establishes the "Delphi Full Vested Plan Benefit Trust Fund" in the Treasury to pay for these increased benefits and related administrative costs.
• Premium Dates: It alters the premium due dates for specific plan years starting after December 31, 2034, and before January 1, 2037.