Susan Muffley Act: Increased Pension Benefits for Former Delphi Employees
The Susan Muffley Act aims to increase guaranteed pension benefits for former employees of certain pension plans, including Delphi. This means individuals who lost part of their pensions due to company bankruptcies may receive higher payments. The act also provides for lump-sum payments to cover past underpayments, including interest.
Key points
Increased monthly pension benefits to the full vested amount for eligible participants and beneficiaries.
Lump-sum payments for past underpayments, with 6% annual interest, for those whose benefits were previously reduced.
Establishment of a special trust fund within the U.S. Treasury to finance these increased payments.
Option to spread the taxation of lump-sum payments over three years, potentially reducing the tax burden in a single year.
Status:
Expired
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