Skip to main content
MENU
Subscribe
  • Login
  • My Account
  • Logout
  • Register For Free
  • Subscribe
  • Topics
    • Alternatives
    • Artificial Intelligence
    • CIOs
    • Consultants
    • Defined Contribution
    • ESG
    • Face to Face
    • Hedge Funds
    • Industry Voices
    • Investing
    • Money Management
    • Partner Content
    • Private Credit
    • Pension Funds
    • Private Equity
    • Real Estate
    • Regulation
    • Special Reports
    • Washington
    • White Papers
  • International
    • U.K.
    • Canada
    • Europe
    • Asia
    • Australia - New Zealand
    • Middle East
    • Latin America
    • Africa
  • Rankings & Awards
    • 1,000 Largest Retirement Plans
    • Top-Performing Managers
    • Largest Money Managers
    • DC Money Managers
    • DC Record Keepers
    • Largest Hedge Fund Managers
    • World's Largest Retirement Funds
    • Best Places to Work in Money Management
    • Excellence & Innovation Awards
    • WPS Innovation Awards
    • Influential Women in Institutional Investing 2024
    • Eddy Awards
  • Resource Guides
    • Active Thematic Global Equities
    • Retirement Income
    • Fixed Income
    • Pension Risk Transfer
    • Pooled Employer Plans (PEPs)
  • ETFs
    • Latest ETF News
    • Fund Screener
    • Education Center
    • Equities
    • Fixed Income
    • Commodities
    • Actively Managed
    • Alternatives
    • ESG Rated
  • ESG
    • Latest ESG News
    • The Institutional Investor’s Guide to ESG Investing
    • ESG Sustainability - Gaining Momentum
    • ESG Investing | Industry Brief
    • Innovation in ESG Investing
    • ESG Rated ETFs
    • Divestment Database
  • Defined Contribution
    • Latest DC News
    • The Plan Sponsor's Guide to Retirement Income
    • DC Money Manager Rankings
    • DC Record Keeper Rankings
    • Innovations in DC
    • DC Plan Design: Improving Participant Outcomes
  • Searches & Hires
    • Latest Searches & Hires News
    • Searches & Hires Database
    • RFPs
  • Research Center
    • The P&I Research Center
    • Earnings Tracker
    • Endowment Returns Tracker
    • Corporate Pension Contribution Tracker
    • Pension Fund Returns Tracker
    • Pension Risk Transfer Database
  • Careers
  • Events
    • View All Conferences
    • View All Webinars
  • Print
Breadcrumb
  1. Home
  2. Legislation
February 06, 2023 03:01 PM

Bill reintroduced to restore Delphi retiree benefits

Courtney Degen
  • Tweet
  • Share
  • Share
  • Email
  • More
    Reprints Print
    Delphi-Sign
    Getty Images

    A bipartisan group of lawmakers reintroduced a bill to restore benefits for about 20,000 retirees in a terminated Delphi Corp. pension plan.

    The Susan Muffley Act, which was reintroduced Feb. 1 by Reps. Dan Kildee, D-Mich., Mike Turner, R-Ohio, Gwen Moore, D-Wis., and Claudia Tenney, R-N.Y., originally passed the House in July, but the legislation never moved in the Senate.

    Related Articles
    House passes bill to restore Delphi participants' pension benefits

    "If you work hard and play by the rules, you deserve to retire with dignity," Mr. Kildee said in a news release. "Delphi salaried retirees lost their pensions through no fault of their own, and that's not right. These hardworking retirees have waited for over a decade for the benefits they earned."

    In 2009, the Pension Benefit Guaranty Corp. took over the Delphi plan after the company broke off from General Motors and eventually filed for bankruptcy in 2005. The company then emerged from bankruptcy as Delphi Automotive LLP in 2011 without pension obligations.

    In a government bailout, GM agreed to "top up" pension benefits to original levels for workers covered by three union agreements; however, salaried workers and others received reduced benefits because of PBGC benefit caps. PBGC cut Delphi retirees' benefits by as much as 70%.

    The bill aims to restore benefits by requiring the PBGC to recalculate and adjust each plan participant's monthly benefits payment. The PGBC is also required to apply the recalculation to monthly payments made previously and make a lump-sum payment for any additional benefits based on the recalculation. The bill is named after the late Susan Muffley, the wife of a Delphi participant who had his benefits reduced.

    Delphi plan participants started a legal campaign against the PBGC in 2009, claiming the agency violated ERISA's rules by shutting the pension plan, but they lost every challenge along the way.

    The participants petitioned the U.S. Supreme Court to hear the case in 2021, but the court declined in January 2022, meaning a pro-PGBC ruling by the 6th U.S. Circuit Court of Appeals in Detroit from September 2020 remains in force. The appeals court upheld a decision, made in March 2019, by a U.S. District Court judge in Detroit who ruled the PBGC had acted properly.

    "If it passes, this bill will restore fairness and dignity in retirement," said Bruce Gump, chairman of the Delphi Salaried Retiree Association, in the news release. "It will relieve the suffering of thousands of salaried and hourly workers who were left behind after GM filed for bankruptcy. It will greatly help their families and their communities also. This is very important and necessary legislation."

    Related Articles
    Supreme Court declines to hear PBGC Delphi ERISA case
    Biden announces $36 billion in federal aid for struggling Central States Teamsters plan
    Recommended for You
    Row of Ohio state flags.
    Ohio Retirement Study Council recommends merging state deferred comp program into Ohio PERS
    North Carolina Capitol lit up at night.
    North Carolina House passes bills to create pension board of trustees, invest in crypto
    Sponsored
    White Papers
    The State of Lifetime Income Report
    The Next Wave of LDI Evolution
    Retirement security to future income wins, TIAA brings you the latest financial…
    U.S. Public Funds Top Performers: Q2 2024
    Generative AI Investing: Opportunities at a Key Tech Inflection Point
    Research for Institutional Money Management: Advancing Physical Risk Modelling,…
    View More
    Sponsored Content
    Partner Content
    The Industrialization of ESG Investment
    For institutional investors, ETFs can make meeting liquidity needs easier
    Gold: the most effective commodity investment
    2021 Investment Outlook | Investing Beyond the Pandemic: A Reset for Portfolios
    Ten ways retirement plan professionals add value to plan sponsors
    Gold: an efficient hedge
    View More
    E-MAIL NEWSLETTERS

    Sign up and get the best of News delivered straight to your email inbox, free of charge. Choose your news – we will deliver.

    Subscribe Today
    October 23, 2023 page one

    Get access to the news, research and analysis of events affecting the retirement and institutional money management businesses from a worldwide network of reporters and editors.

    Subscribe
    Connect With Us
    • RSS
    • Twitter
    • Facebook
    • LinkedIn

    Our Mission

    To consistently deliver news, research and analysis to the executives who manage the flow of funds in the institutional investment market.

    About Us

    Main Office
    685 Third Avenue
    Tenth Floor
    New York, NY 10017-4036

    Chicago Office
    130 E. Randolph St.
    Suite 3200
    Chicago, IL 60601

    Contact Us

    Careers at Crain

    About Pensions & Investments

     

    Advertising
    • Media Kit
    • P&I Custom Content
    • P&I Careers | Post a Job
    • Reprints & Permissions
    Resources
    • Subscribe
    • Newsletters
    • FAQ
    • P&I Research Center
    • Site map
    • Staff Directory
    Legal
    • Privacy Policy
    • Terms and Conditions
    • Privacy Request
    Pensions & Investments
    Copyright © 1996-2025. Crain Communications, Inc. All Rights Reserved.
    • Topics
      • Alternatives
      • Artificial Intelligence
      • CIOs
      • Consultants
      • Defined Contribution
      • ESG
      • Face to Face
      • Hedge Funds
      • Industry Voices
      • Investing
      • Money Management
      • Partner Content
      • Private Credit
      • Pension Funds
      • Private Equity
      • Real Estate
      • Regulation
      • Special Reports
      • Washington
      • White Papers
    • International
      • U.K.
      • Canada
      • Europe
      • Asia
      • Australia - New Zealand
      • Middle East
      • Latin America
      • Africa
    • Rankings & Awards
      • 1,000 Largest Retirement Plans
      • Top-Performing Managers
      • Largest Money Managers
      • DC Money Managers
      • DC Record Keepers
      • Largest Hedge Fund Managers
      • World's Largest Retirement Funds
      • Best Places to Work in Money Management
      • Excellence & Innovation Awards
      • WPS Innovation Awards
      • Influential Women in Institutional Investing 2024
      • Eddy Awards
    • Resource Guides
      • Active Thematic Global Equities
      • Retirement Income
      • Fixed Income
      • Pension Risk Transfer
      • Pooled Employer Plans (PEPs)
    • ETFs
      • Latest ETF News
      • Fund Screener
      • Education Center
      • Equities
      • Fixed Income
      • Commodities
      • Actively Managed
      • Alternatives
      • ESG Rated
    • ESG
      • Latest ESG News
      • The Institutional Investor’s Guide to ESG Investing
      • ESG Sustainability - Gaining Momentum
      • ESG Investing | Industry Brief
      • Innovation in ESG Investing
      • ESG Rated ETFs
      • Divestment Database
    • Defined Contribution
      • Latest DC News
      • The Plan Sponsor's Guide to Retirement Income
      • DC Money Manager Rankings
      • DC Record Keeper Rankings
      • Innovations in DC
      • DC Plan Design: Improving Participant Outcomes
    • Searches & Hires
      • Latest Searches & Hires News
      • Searches & Hires Database
      • RFPs
    • Research Center
      • The P&I Research Center
      • Earnings Tracker
      • Endowment Returns Tracker
      • Corporate Pension Contribution Tracker
      • Pension Fund Returns Tracker
      • Pension Risk Transfer Database
    • Careers
    • Events
      • View All Conferences
      • View All Webinars
    • Print