Increased Pension Benefits for Former Delphi and Other Company Employees
This act increases guaranteed pension benefits for individuals whose pension plans were terminated, including former Delphi employees. This means higher monthly payments and lump-sum back payments for past underpayments, improving the financial situation of many retirees. Additionally, the act aims to ensure the long-term stability of the pension insurance system.
Key points
Increased monthly pension benefits to the full vested amount for eligible participants and beneficiaries, including former Delphi employees.
Lump-sum back payments for past underpayments, with added interest, to be paid within 180 days of the act's enactment.
Establishment of a special trust fund within the U.S. Treasury to provide funds for the increased benefits.
Requirement for the PBGC agency to submit a report within two years, including recommendations for the long-term solvency of pension insurance programs.
2022-07-27
For
254
Against
175
Abstain
0
Full voting results
open_in_new
Expired
Additional Information
Print number: 117_HR_6929
Sponsor: Rep. Kildee, Daniel T. [D-MI-5]
Process start date: 2022-03-03
Voting date: 2022-07-27
Meeting no: 2
Voting no: 396