2022: Fitzpatrick Voted To Restore Retirement Benefits For Certain
Pension Plans Sponsored By The Delphi Corporation To The Equal Amount
The Recipients Were Entitled To By Law Before They Were Laid Off Due To
General Motors' Bankruptcy In 2009. In July 2022, according to
Congressional Quarterly, Fitzpatrick voted for the Susan Muffley Act of
2022, which would "restore full monthly benefit payments for certain
specified pension plans that were sponsored by the Delphi Corporation
and terminated as a result of General Motors' bankruptcy in 2009.
Specifically, it would require the Pension Benefit Guaranty Corporation
to recalculate and adjust monthly benefit payment amounts for
participants and beneficiaries of such plans to be equal to the full
amount they would be entitled to under existing pension guarantee law,
notwithstanding phase-in and maximum benefit limitations in such law
that previously limited the payment amounts. It would also require the
PBGC, in consultation with the Treasury and Labor departments and within
180 days of enactment, to make lump-sum payments to eligible recipients
to make up the difference between previous payment amounts and full
benefits after recalculation. It would also require the PBGC to request
information from the public on ways to ensure the long-term solvency of
its insurance programs and, within two years of enactment, to submit to
Congress recommendations on ensuring program solvency." The vote was on
passage. The House passed the bill by a vote 254-175, thus the bill was
sent to the Senate. The Senate did not take substantive action on the
bill. [House Vote 396,
7/27/22; Congressional
Quarterly, 7/27/22;
Congressional Actions, H.R.
6929]
The Bill Would Restore Retirement Benefits To 20,000 Former Delphi
Corporation Workers That Were Laid Off During The Great Recession
After General Motors Filed For Bankruptcy. According to
Congressional Quarterly, "The House is planning to consider
bipartisan legislation proposed by Rep. Dan Kildee, D-Mich., next
week that would restore retirement benefits to 20,000 former
employees of auto parts supplier Delphi Corp. that were cut during
the Great Recession after parent company General Motors Corp.'s
bankruptcy." [Congressional Quarterly,
7/21/22]
2009: The U.S. Pension Benefit Guarantee Corporation Cut The
Pension Benefits By 70% After General Motors Filed For Bankruptcy.
According to Congressional Quarterly, "The bill (HR 6929) would
restore pension benefits for the retirees who lost them when the
U.S. Pension Benefit Guarantee Corporation cut the benefits by as
much as 70 percent after GM filed for bankruptcy in 2009, according
to Kildee's office. The Pension Benefit Guaranty Corp. could only
pay a statutory maximum benefit after taking responsibility for the
terminated benefits." [Congressional Quarterly,
7/21/22]
The Bill Would Ensure Retirees Receive A Lump Sum Payment That
Would Cover The Difference Between The Money They Received And The
Money They Would Have Received Without Restrictions, With An
Additional 6% Interest. According to Congressional Quarterly,
"Under the legislation, the retirees would receive a lump sum
covering the difference between what they have received and what
they would have received without the limitations, plus 6 percent
interest. Moving forward, all beneficiaries will receive the full
benefit they earned, Kildee's office said." [Congressional
Quarterly, 7/21/22]
Over 5,000 Delphi Retirees Reside In Michigan And Ohio.
According to Congressional Quarterly, "Michigan and Ohio both have
over 5,000 Delphi retirees who are affected, and members of both
parties sponsored the legislation, including Democratic Reps. Tim
Ryan, D-Ohio, and Marcy Kaptur, D-Ohio, and Republican Reps.
Michael R. Turner, R-Ohio, and Bill Johnson, R-Ohio, among others."
[Congressional Quarterly,
7/21/22]
According To The Delphi Salaried Retirees Association, The Bill
Would Provide The Average Retiree $390 A Month In Pension Benefits,
And Several States Would Experience Economic Boosts. According to
Congressional Quarterly, "The legislation would provide the average
Delphi salaried retiree $390 a month in pension plan benefits,
according to the Delphi Salaried Retirees Association. The economic
boost in Michigan and Ohio would be over $1 billion each, with a
boost of $955 million in Indiana, according to the association.
Other states, including New York, Florida, Texas, Alabama, Wisconsin
and Mississippi, would also see economic benefits, according to the
organization." [Congressional Quarterly,
7/21/22]
Several Republicans Argued The Bill Was A "Taxpayer Bailout Of
Privately Run Pension Plans," Including Congressman Michael C.
Burgess (R), Who Argued That The Bill Established A "Terrible
Precedent" By Permitting A Tax-Payer Increase For One Of The 5,000
Terminated Plans Run By The U.S. Pension Benefit Guarantee
Corporation. According to Congressional Quarterly, "However, 174
House Republicans opposed the bill while just 36 supported it. Rep.
Michael C. Burgess, R-Texas, called the bill a 'taxpayer bailout of
privately run pension plans,' during the Tuesday floor debate on the
rule that paved the way for the bill's passage. 'The bill would
create a terrible precedent in the single-employer pension system by
allowing a taxpayer-funded increase for one of over 5,000 terminated
single-employer PBGC-trusteed plans,' he said. 'It would create an
expectation for Congress to do the same with current and future
terminated plans.'" [Congressional Quarterly,
7/27/22]
2021: Fitzpatrick Voted Against The American Rescue Plan Of 2021,
Which Would Establish A Program To Grant Financial Aid To Multiemployer
Pension Plans. In February 2021, Fitzpatrick voted against the
American Rescue Plan Act of 2021 which would, according to Congressional
Quarterly, "create a program to provide financial assistance to
multiemployer pension plans." The vote was on passage. The House passed
the bill by a vote of 219-212, sent to the Senate and President, and the
Senate version ultimately became law. [House Vote 49,
2/27/21; Congressional
Quarterly, 2/27/21;
Congressional Actions, H.R.
1319]