H.R. 1895 — Delphi Retirees Pension Restoration Act

This section revises PBGC guaranteed benefits under ERISA §4022 for eligible participants and beneficiaries in six specified terminated single-employer plans—the Delphi Hourly-Rate Employees Pension Plan, Delphi Retirement Program for Salaried Employees, PHI Non-Bargaining Retirement Plan, ASEC Manufacturing Retirement Program, PHI Bargaining Retirement Plan, and Delphi Mechatronic Systems Retirement Program—setting monthly benefits equal to the full vested plan benefit without regard to phase-in limitations or maximum guarantee amounts (from the normal benefit guarantee). (As background, PBGC insures basic pension benefits in terminated single-employer defined benefit plans, normally phased in over five years up to a maximum monthly amount that varies by plan termination year, service, and PBGC funding—$7,292.37 per month in 2024 for participants with 30+ years of service in plans terminating in 2024.) The section requires PBGC to recalculate any prior benefit determinations for such individuals (excluding those covered by 1999 General Motors-union top-up agreements), adjust future payments accordingly, and issue lump-sum payments within 180 days of enactment equal to past underpayments plus foregone interest reflecting a 6% annual rate. It further subjects PBGC determinations under this section to standard administrative review and provides funding for the increased benefit costs.