Susan Muffley Act of 2023

Hozzl · 2024-01-18T09:02:34Z

Explore the details of House Bill 735 Susan Muffley Act of 2023 currently in Congress. Get insights into its purpose, current status, sponsors, and potential impact on Labor and Employment. Stay informed on legislative developments.

1/18/2024, 9:02 AM

Congressional Summary of HR 735

Susan Muffley Act of 2023

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.

The bill establishes and provides appropriations to a fund for the payment of these benefits and specifies how the lump-sum payments are treated for tax purposes.

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Current Status of Bill HR 735

Bill HR 735 is currently in the status of Bill Introduced since February 1, 2023. Bill HR 735 was introduced during Congress 118 and was introduced to the House on February 1, 2023. Bill HR 735's most recent activity was Referred to the Committee on Education and the Workforce, and in addition to the Committee on Ways and Means, 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. as of February 1, 2023