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GM won’t honor Delphi pensions; PBGC takes over
TweetWASHINGTON (AP) — The Pension Benefit Guaranty Corp. said today that it will assume responsibility for the pension plans of 70,000 Delphi Corp. workers and retirees, as the troubled auto supplier continues to restructure under bankruptcy protection.
The PBGC said it is stepping in to protect the salaried and hourly pensions because Delphi, which has been operating under Chapter 11 for nearly four years, cannot afford to maintain them, and its former parent, General Motors Co., has said it will not assume them.
Troy, Mich.-based Delphi’s hourly pension plan covers an estimated 47,000 people. The PBGC said it expects to be responsible for about $4 billion of the plan’s shortfall of nearly $4.4 billion.
For more information, see Thursday’s Vindicator or www.vindy.com.
Comments
Well I guess all the people that voted for Obama are happy now.
What does Obama have to do with this?
Now with the liberals in DC having control of GM we will see more digested for their agenda . New strategy needs to be assesed by workers to keep control of what they have delveloped and worked for .
May have started with Bush but Obama could have done something. I just got back from the VA for a catscan that I had to wait 6 weeks to get. This is what the government wants for the whole country. I bet no senator or congressman will ever have the same healthcare, when all is said and done, as the average joe. Just ask people in Canada about their government system. They come here and pay out of pocket for procedures
34 million Canadians. 33,999,000 are happy with their health care and wouldn't trade it for anything even remotely like the American system. Yet, the Fox crowd finds and emphasizes the 1,000 folks who had issues.
Well hope for the socialism, the next step for Obama is to tax the health care of the productive so that the crackheads with aids will get better care .
The pensions that they earned while they we part of GM are now being stripped away along with their health care . Wealth confiscation Obama Style is on a roll ! Soon GM will be forced to go green and switch over to manufacturing bicycles.