Delphi retirees protest pension plan shift
Posted on: Tuesday, 11 August 2009, 14:28 CDT
Salaried retirees of bankrupt U.S. auto parts supplier Delphi Corp. said they would turn to Congress for help protecting their pension plans.
Den Black, a former salaried employee at Delphi, called the plan for the Pension Benefit Guaranty Corp. to assume Delphi's pension obligations for salaried workers overtly discriminatory.
A group of about 1,000 salaried retirees, calling themselves the Delphi Salaried Retiree Association, is assessing its options. We continue to push for hearings once Congress comes back from recess,
Black told The Detroit News Tuesday.
PBGC is an independent government agency that takes over pension plans of bankrupt companies. It does not take over health insurance coverage and its takeover may mean substantially lower cash payments to some retirees.
General Motors Co., which plans to purchase four Delphi factories and its global steering business, said it would honor the pension plans of Delphi's hourly employees, including those not connected to the factories it plans to buy, the News reported.
Source: United Press International
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