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Delphi salaried retirees go to court to save pensions
TweetThe Delphi Salaried Retirees Association will meet with the federal automotive task force and has filed two legal actions as it tries to save the pensions of members.
“We’re not giving up,” said Chuck Cunningham of Howland, who helped organize a meeting Thursday to update about 400 area retirees.
Leaders of the retirees group will meet with the task force Thursday along with representatives of retirees from General Motors, Chrysler and Ford. Ron Bloom, who assumed leadership of the task force this week, is expected to attend the meeting, Cunningham said.
The Delphi retirees “will plead our case” and provide the task force with additional information to support their position that their pensions should not be terminated, he said.
“We’re hoping the task force understands the inequities that have been done here and agree to help us,” said Cunningham, who was a former senior executive at Delphi Packard Electric in Warren.
Delphi has proposed turning over the pensions of salaried retirees to the federal Pension Benefit Guaranty Corp., which insures pensions. Many retirees would see a pension reduction of between 30 percent and 70 percent because PBGC has limits to payouts, the retirees have said.
Read more in Friday’s Vindicator and Vindy.com
Comments
Sure, have the taxpayers pick up the tab for people who retired earlier than most taxpayers will be able to. Just more of bailout nation for people who were demanding benefits much better than the company was going to be able to support. The bankruptcy court should just transfer it to the PBGC and cut their pensions to a more reasonable amount.
I am amazed how people have been brain washed by corporate and main stream anti prosperity likes .
while these people were not union at their retirement time many of them where at one time.
They were promised a benefit by the corporation which was made possible by many reductions in other benefits they once had secured.
It is time for those who have been less fortunate in their employment to get off of this jealousy and slander.
These people gave their lives many times 16 hours a day seven days a week to create a business that is second to none.
Jim Cunningham retired union employee Delphi Packard Electric.
It's easy to slander and stir hate if it doesn't affect you or anyone you know. Don't give me this, it involves everyone because it is tax payer money. I'd rather pay a retiree that worked their whole life than some lowlife sucking off of the welfare system.
I guarantee top management got theirs. For everyone that thinks they are going to sleep better because their neighbor is going to get screwed out of something they worked for their whole life, think again. The American taxpayer will pick up the tab and the ones at the top that ran the company into the ditch will walk away laughing all the way to the bank.
According to the website for Pension Benefit Guaranty Corp. none of their funds come from the taxpayer but instead come from:
* Insurance premiums paid by sponsors of defined benefit pension plans;
* Assets held by the pension plans it takes over;
* Recoveries of unfunded pension liabilities from plan sponsors' bankruptcy estates;
* Investment income.
This probably works just fine when a random pension fund goes under but not sure how it works in the current state of affairs with lots of pension funds going under and very low return on investment.
I think these salaried people are probably line supervisors etc. that didn't get the fancy golden parachutes.
Have to agree that we the taxpayer will no doubt foot the bill!
Meeting
Wednesday, July 29, 2009 @ 9:00 AM - Meeting at Warren Community Amphitheater, 257 Mahoning Ave NW, Warren, OH