YourVoice.Now Summary
Workers & JobsYour MoneyRetirees of six Delphi pension plans would get their full pension back — plus back pay with 6 percent interest.
Workers & Jobs
The cap comes from federal law, not from this bill. For plans that ended in 2009 like these, it is about $4,500 a month at age 65, and less for those who started earlier.
The insurer would recalculate old payments and send one catch-up check within 180 days of the bill becoming law. Retirees would not have to apply or meet a deadline — the agency does the math on its own.
The higher payments would come out of the unspent balance of the fund that backs basic pension guarantees, which is built from premiums paid by employers. Congress would not appropriate new money for it.
Your Money
If the retiree dies within those three years, the rest is taxed in the year of death. A surviving spouse who is owed a benefit could choose to keep the yearly split instead.
The catch-up check counts as income spread evenly over three tax years. That can keep it from pushing you into a higher tax bracket, though you may choose to report it all at once.
More about this bill
If you retired under one of six Delphi pension plans, your monthly check could go back up. The plans ended in 2009. The Pension Benefit Guaranty Corporation took over. That agency insures private pensions, and federal caps limit what it pays. Eligible retirees would instead get the full amount their plan had promised. Hourly retirees already covered by 1999 General Motors union top-up deals would not qualify. The agency would also owe back pay. Within 180 days it would send one lump sum for every month it paid too little, plus 6 percent yearly interest. Tax on that lump sum would be spread over three years unless you choose otherwise. The money would come from the agency's existing insurance fund, not from new spending.
Congressional Summary
Delphi Retirees Pension Restoration Act This bill restores the full vested monthly benefits for eligible participants of certain pension plans that were sponsored by Delphi Corporation and terminated as a result of General Motors' bankruptcy in 2009. The Pension Benefit Guaranty Corporation (PBGC) must recalculate and adjust each plan participant's monthly benefits payment. The PBGC must also apply the recalculation to previously-made monthly payments and make a lump-sum payment for any additional benefits based on the recalculation. Monthly benefits under the bill must be paid using specified PBGC funds, and the bill specifies how the lump-sum payments are treated for tax purposes.
Legislative Subjects
Details
- Congress
- 119th
- Chamber
- House
- Status
- summarized
- Action
- Introduced in House
- Action Date
- 2025-03-06
- Date Added
- 2026-09-11
- Source
- Congress.gov →
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