Delphi Pensions Restoration Act of 2012 - Amends the Emergency Economic Stabilization Act of 2008 to require transfer to the Delphi Retired Employees Fund of all proceeds from the sale or transfer, after enactment of this Act, of any stock, warrant, or financial instrument acquired by the Secretary of the Treasury in connection with providing financial assistance to the General Motors Corporation (GM).
Establishes the Delphi Retired Employees Fund in the Treasury for payments to eligible employees separated from Delphi Corporation who participated in a now terminated Delphi-sponsored defined benefit plan, but who are not covered by any agreement between GM and participants in another defined benefit plan under which GM pays covered participants nonforfeitable benefits equal to the amount they would have been entitled to receive under the plan but for the plan's termination.
Makes the Fund available to pay each eligible separated employee an amount equal to such nonforfeitable benefits, reduced by any amounts already paid the employee by the Pension Benefit Guaranty Corporation (PBGC) under the Employee Retirement Security Act of 1974 (ERISA).
[Congressional Bills 112th Congress]
[From the U.S. Government Publishing Office]
[H.R. 6404 Introduced in House (IH)]
112th CONGRESS
2d Session
H. R. 6404
To make available funds from the Emergency Economic Stabilization Act
of 2008 for funding pension benefits with respect to former employees
of Delphi Corporation.
_______________________________________________________________________
IN THE HOUSE OF REPRESENTATIVES
September 13, 2012
Mr. Ryan of Ohio (for himself, Ms. Sutton, and Mr. Andrews) introduced
the following bill; which was referred to the Committee on Financial
Services, and in addition to the Committee on Education and the
Workforce, for a period to be subsequently determined by the Speaker,
in each case for consideration of such provisions as fall within the
jurisdiction of the committee concerned
_______________________________________________________________________
A BILL
To make available funds from the Emergency Economic Stabilization Act
of 2008 for funding pension benefits with respect to former employees
of Delphi Corporation.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the ``Delphi Pensions Restoration Act of
2012''.
SEC. 2. SALE OF TROUBLED ASSETS TO FUND CERTAIN PENSION BENEFITS.
(a) In General.--Subsection (d) of section 106 of the Emergency
Economic Stabilization Act of 2008 (12 U.S.C. 5216) is amended to read
as follows:
``(d) Disposition of Revenues.--
``(1) Transfer to treasury.--Except as provided in
paragraph (2), revenues of, and proceeds from the sale of
troubled assets purchased under this Act, or from the sale,
exercise, or surrender of warrants or senior debt instruments
acquired under section 113 shall be paid into the general fund
of the Treasury for reduction of the public debt.
``(2) Funding of certain pension benefits.--Proceeds from
the sale or transfer, after the date of the enactment of the
Delphi Pensions Restoration Act of 2012, of any stock, warrant,
or financial instrument acquired by the Secretary in connection
with providing financial assistance to the General Motors
Corporation under this Act shall be transferred to the Delphi
Retired Employees Fund established under section 3 of such
Act.''.
SEC. 3. DELPHI RETIRED EMPLOYEES FUND.
(a) Establishment of Fund.--There is established on the books of
the Treasury of the United States a Delphi Retired Employees Fund
(hereinafter in this section referred to as the ``Fund'') to be used by
the Secretary of the Treasury in making the payments required under
subsection (b).
(b) Payments From the Fund.--The Fund shall be available--
(1) for paying to each eligible separated employee (on a
lump sum basis, if appropriate) an amount equal to--
(A) the nonforfeitable benefits to which such
employee was entitled under a defined benefit plan
described in subsection (d) as in effect immediately
before the termination of the plan, but which are not
payable to such employee by reason of the termination
of the plan; reduced by
(B) the amounts paid to such employee by the
Pension Benefit Guaranty Corporation under section
4022(a) of the Employee Retirement Security Act of 1974
(29 U.S.C. 1322(a)); and
(2) for paying the operational and administrative expenses
in connection with the operation of the Fund, including
reimbursement of expenses incurred by the Pension Benefit
Guaranty Corporation in connection with the information sharing
requirements of subsection (e).
(c) Eligible Separated Employee.--For purposes of this section, the
term ``eligible separated employee'' means any individual--
(1) who is separated from employment with Delphi
Corporation before the date of the enactment of this Act;
(2) who was a participant in a defined benefit plan
described in subsection (d); and
(3) who is not covered by any agreement between the General
Motors Corporation and participants in such a defined benefit
plan under which the General Motors Corporation provides to the
participants that are covered by the agreement a payment of
nonforfeitable benefits in an amount equal to the amount that
such participants would have been entitled to receive under the
plan but for the termination of such plan.
(d) Defined Benefit Plans Described.--A defined benefit plan
described in this subsection is a defined benefit plan--
(1) that was terminated before the date of the enactment of
this Act pursuant to a proceeding under title 11, United States
Code;
(2) that was sponsored by the Delphi Corporation before the
date of such termination; and
(3) with respect to which the Pension Benefit Guaranty
Corporation is administering, as of such date of enactment, the
payment of the nonforfeitable benefits guaranteed under section
4022(a) of the Employee Retirement Security Act of 1974 (29
U.S.C. 1322(a)).
(e) Information Sharing by Pension Benefit Guaranty Corporation.--
The Pension Benefit Guaranty Corporation shall provide to the Secretary
of the Treasury such information as the Secretary of the Treasury may
request to assist in determining the amount of each payment required to
be made under subsection (b)(1).
(f) Investment of the Fund.--Whenever the Secretary of the Treasury
determines that the moneys of the Fund are in excess of current needs,
the Secretary of the Treasury may invest such amounts as such Secretary
deems advisable in obligations issued or guaranteed by the United
States. Earnings on investment under the preceding sentence shall be
credited to the Fund.
SEC. 4. APPLICATION TO PENDING LITIGATION.
Nothing in this Act shall be construed to invalidate, vitiate, or
otherwise interfere with any legal or administrative proceeding
initiated prior to the date of the enactment of this Act.
<all>
Introduced in House
Introduced in House
Referred to the Committee on Financial Services, and in addition to the Committee on Education and the Workforce, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Referred to the Committee on Financial Services, and in addition to the Committee on Education and the Workforce, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
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