,,ii #aagth ,,congress #b;d ,session ,h4 ,r4 #fibi ,,in ,,the ,,senate ,,of ,,the ,,united ,,states ,july #bh1 #bjbb,received ,,an ,,act ,to increase the benefits guaranteed in connection with certain pension plans1 and for other purposes4 #a4 ,short title ,this ,act may be cited as the ,susan ,muffley ,act of #bjbb4 #b4 ,guaranteed benefit calculation for certain plans 7a7 ,in general 7#a7 ,increase to full vested plan benefit 7,a7 ,in general ,for purposes of determining what benefits are guaranteed under section #djbb of the ,employee ,retirement ,income ,security ,act of #aigd 7in this section referred to as ,,erisa7 with respect to an eligible participant or beneficiary under a covered plan specified in paragraph 7#d7 in connection with the termination of such plan1 the amount of monthly benefits shall be equal to the full vested plan benefit with respect to the participant4 7,b7 ,no effect on previous determinations ,nothing in this ,act shall be construed to change the allocation of assets and recoveries under sections #djdd7;a7 and #djbb7;c7 of ,,erisa as previously determined by the ,pension ,benefit ,guaranty ,corporation 7in the section referred to as the corporation7 for the covered plans specified in paragraph 7#d71 and the corporation's applicable rules1 practices1 and policies on benefits payable in terminated single-employer plans shall1 except as otherwise provided in this section1 continue to apply with respect to such covered plans4 7#b7 ,recalculation of certain benefits 7,a7 ,in general ,in any case in which the amount of monthly benefits with respect to an eligible participant or beneficiary described in paragraph 7#a7 was calculated prior to the date of enactment of this ,act1 the corporation shall recalculate such amount pursuant to paragraph 7#a71 and shall adjust any subsequent payments of such monthly benefits accordingly1 as soon as practicable after such date4 7,b7 ,lump-sum payments of past-due benefits ,not later than #ahj days after the date of enactment of this ,act1 the corporation1 in consultation with the ,secretary of the ,treasury and the ,secretary of ,labor1 shall make a lump-sum payment to each eligible participant or beneficiary whose guaranteed benefits are recalculated under subparagraph 7,a7 in an amount equal to-- 7i7 in the case of an eligible participant1 the excess of-- 7,i7 the total of the full vested plan benefits of the participant for all months for which such guaranteed benefits were paid prior to such recalculation1 over 7,,ii7 the sum of any applicable payments made to the eligible participant2 and 7ii7 in the case of an eligible beneficiary1 the sum of-- 7,i7 the amount that would be determined under clause 7i7 with respect to the participant of which the eligible beneficiary is a beneficiary if such participant were still in pay status2 plus 7,,ii7 the excess of-- 7aa7 the total of the full vested plan benefits of the eligible beneficiary for all months for which such guaranteed benefits were paid prior to such recalculation1 over 7bb7 the sum of any applicable payments made to the eligible beneficiary4 ,notwithstanding the previous sentence1 the corporation shall increase each lump-sum payment made under this subparagraph to account for foregone interest in an amount determined by the corporation designed to reflect a #f percent annual interest rate on each past-due amount attributable to the underpayment of guaranteed benefits for each month prior to such recalculation4 7,c7 ,eligible participants and beneficiaries 7i7 ,in general ,for purposes of this section1 an eligible participant or beneficiary is a participant or beneficiary who-- 7,i7 as of the date of the enactment of this ,act1 is in pay status under a covered plan or is eligible for future payments under such plan2 7,,ii7 has received or will receive applicable payments in connection with such plan 7within the meaning of clause 7ii77 that does not exceed the full vested plan benefits of such participant or beneficiary2 and 7,,iii7 is not covered by the #aiii agreements between ,general ,motors and various unions providing a top-up benefit to certain hourly employees who were transferred from the ,general ,motors ,hourly-,rate ,employees ,pension ,plan to the ,delphi ,hourly-,rate ,employees ,pension ,plan4 7ii7 ,applicable payments ,for purposes of this paragraph1 applicable payments to a participant or beneficiary in connection with a plan consist of the following3 7,i7 ,payments under the plan equal to the normal benefit guarantee of the participant or beneficiary4 7,,ii7 ,payments to the participant or beneficiary made pursuant to section #djbb7;c7 or otherwise received from the corporation in connection with the termination of the plan4 7#c7 ,definitions ,for purposes of this subsection-- 7,a7 ,full vested plan benefit ,the term full vested plan benefit means the amount of monthly benefits that would be guaranteed under section #djbb of ,,erisa as of the date of plan termination with respect to an eligible participant or beneficiary if such section were applied without regard to the phase-in limit in subsection 7b77#a7 of such ,act and the maximum guaranteed benefit limitation in subsection 7b77#c7 of such ,act 7including the accrued-at-normal limitation74 7,b7 ,normal benefit guarantee ,the term normal benefit guarantee means the amount of monthly benefits guaranteed under such section with respect to an eligible participant or beneficiary without regard to this ,act4 7#d7 ,covered plans ,the covered plans specified in this paragraph are the following3 7,a7 ,the ,delphi ,hourly-,rate ,employees ,pension ,plan4 7,b7 ,the ,delphi ,retirement ,program for ,salaried ,employees4 7,c7 ,the ,,phi ,non-,bargaining ,retirement ,plan4 7,d7 ,the ,,asec ,manufacturing ,retirement ,program4 7,e7 ,the ,,phi ,bargaining ,retirement ,plan4 7,f7 ,the ,delphi ,mechatronic ,systems ,retirement ,program4 7#e7 ,treatment of ,,pbgc determinations ,any determination made by the corporation under this section concerning a recalculation of benefits or lump-sum payment of past-due benefits shall be subject to administrative review by the corporation4 ,any new determination made by the corporation under this section shall be governed by the same administrative review process as any other benefit determination by the corporation4 7b7 ,trust fund for payment of increased benefits 7#a7 ,establishment ,there is established in the ,treasury of the ,united ,states a trust fund to be known as the ,delphi ,full ,vested ,plan ,benefit ,trust ,fund 7hereafter in this subsection referred to as the ,fund71 consisting of such amounts as may be appropriated or credited to the ,fund as provided in this section4 7#b7 ,funding ,there is appropriated from the general fund such amounts as are necessary for the costs of the payment of the portion of monthly benefits guaranteed to a participant or beneficiary pursuant to subsection 7a7 and for necessary administrative and operating expenses of the corporation relating to such payment4 ,the ,fund shall be credited with amounts from time to time as the ,secretary of the ,treasury1 in conjunction with the ,director of the corporation1 determines appropriate1 from the general fund of the ,treasury4 7#c7 ,expenditures from ,fund ,amounts in the ,fund shall be available for the payment of the portion of monthly benefits guaranteed to a participant or beneficiary pursuant to subsection 7a7 and for necessary administrative and operating expenses of the corporation relating to such payment4 7c7 ,regulations ,the corporation1 in consultation with the ,secretary of the ,treasury and the ,secretary of ,labor1 may issue such regulations as necessary to carry out this section4 7d7 ,tax treatment of lump-,sum payments 7#a7 ,in general ,unless the taxpayer elects 7at such time and in such manner as the ,secretary may provide7 to have this paragraph not apply with respect to any lump-sum payment under subsection 7a77#b77;,b71 the amount of such payment shall be included in the taxpayer's gross income ratably over the #c-taxable-year period beginning with the taxable year in which such payment is received4 7#b7 ,special rules related to death 7,a7 ,in general ,if the taxpayer dies before the end of the #c-taxable-year period described in paragraph 7#a71 any amount to which paragraph 7#a7 applies which has not been included in gross income for a taxable year ending before the taxable year in which such death occurs shall be included in gross income for such taxable year4 7,b7 ,special election for surviving spouses of eligible participants ,if-- 7i7 a taxpayer with respect to whom paragraph 7#a7 applies dies1 7ii7 such taxpayer is an eligible participant1 7iii7 the surviving spouse of such eligible participant is entitled to a survivor benefit from the corporation with respect to such eligible participant1 and 7iv7 such surviving spouse elects 7at such time and in such manner as the ,secretary may provide7 the application of this subparagraph1 subparagraph 7,a7 shall not apply and any amount which would have 7but for such taxpayer's death7 been included in the gross income of such taxpayer under paragraph 7#a7 for any taxable year beginning after the date of such death shall be included in the gross income of such surviving spouse for the taxable year of such surviving spouse ending with or within such taxable year of the taxpayer4 #c4 ,pension variable rate premium payment acceleration ,notwithstanding section #djjg7;a7 of the ,employee ,retirement ,income ,security ,act of #aigd 7#bi ,u4,s4,c4 #acjg7;a77 and section #djjg4aa of title #bi1 ,code of ,federal ,regulations1 any additional premium determined under subparagraph 7,e7 of section #djjf7;a77#c7 of such ,act 7#bi ,u4,s4,c4 #acjf7;a77#c77 the due date for which is 7but for this section7 after ,september #ae1 #bjcb1 and before ,november #a1 #bjcb1 shall be due not later than ,september #ae1 #bjcb4 #d4 ,pension benefit guaranty corporation report 7a7 ,request for information ,not later than #a year after the date of enactment of this ,act1 the ,director of the ,pension ,benefit ,guaranty ,corporation shall issue a request for information to the public regarding ways to ensure the long-term solvency of the ,pension ,benefit ,guaranty ,corporation's insurance programs4 7b7 ,report to ,congress ,not later than #b years after the date of enactment of this ,act1 the ,director of the ,pension ,benefit ,guaranty ,corporation shall1 taking into consideration the information received in the request for information described in subsection 7a71 submit a report1 which shall include recommendations on how to ensure the long-term solvency of the ,pension ,benefit ,guaranty ,corporation's insurance programs1 to the ,committee on ,education and ,labor and the ,committee on ,ways and ,means of the ,house of ,representatives and the ,committee on ,health1 ,education1 ,labor1 and ,pensions and the ,committee on ,finance of the ,senate4 ,passed the ,house of ,representatives ,july #bg1 #bjbb4;,cheryl ,l4 ,johnson1,clerk4