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Brown will seek funds for Delphi retirees



Published: Fri, September 7, 2012 @ 12:00 a.m.

By David Skolnick

skolnick@vindy.com

YOUNGSTOWN

U.S. Sen. Sherrod Brown said he will introduce legislation next week to transfer money from the sale of government stock in General Motors Corp. to supplement retirement benefits lost by Delphi salaried retirees.

“Many Delphi retirees have yet to receive the pensions they earned and deserve,” said Brown, a Democrat from Avon, in a Thursday announcement. “Now that General Motors is profitable once again and the federal government is preparing to sell its stake in the company, a portion of the proceeds should be used for those shortchanged retirees.”

The 2009 Delphi bankruptcy left about 21,000 of the company’s salaried retirees, including 1,500 in the Mahoning Valley, without health and life insurance and with pension cuts of 30 percent to 70 percent.

Though the Delphi salaried retirees had benefits eliminated and pensions cut, Delphi hourly retirees who were members of the United Auto Workers were fully covered by GM, which received a bailout from the federal government in 2009.

President Barack Obama’s administration has said the U.S. Treasury Department didn’t make the decision to cut the salaried retirees’ benefits.

But emails obtained by The Daily Caller, a conservative website, and published last month show the Treasury was involved in the decision. The administration still insists it did nothing wrong, and the Delphi salaried retirees weren’t treated differently from others who worked for corporations that went through bankruptcy.

After the Delphi bankruptcy, salaried retirees had their pensions handled by the Pension Benefit Guaranty Corp., which cut the benefits.

Brown said he’s been an advocate for the retirees and will continue to pressure the Obama administration to ensure the pensions are restored.

Bruce Gump, a retired Delphi engineer in Warren and vice president of the Delphi Salaried Retirees Association, said, “This needs to be corrected, and Sen. Brown is offering a solution to correct it. This is a way to correct it. This sounds like something a senator is supposed to do.”

Also, about 300 Delphi salaried retirees in Ohio and Michigan had a rally Thursday in Dayton to raise awareness of what happened to them.

Meanwhile, a group of Delphi salaried retirees is collecting signatures online — at delphipetition.com — to show the Obama administration that there is support for restoring their full benefits.


Comments

1dmacker(274 comments)posted 2 years ago

"Brown said he’s been an advocate for the retirees and will continue to pressure the Obama administration to ensure the pensions are restored".

Election promises we hear every 4 years. But where is the action and what have they done the past 4 years for these people?

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2Jeidel(7 comments)posted 2 years ago

What about all the steelworkers that lost there
Pensions too,why does Delpi think they should
Be so special

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3Silence_Dogood(1342 comments)posted 2 years ago

The U.S.Government spent 49.5 billion dollars for these stocks at an inflated purchase price of $33 per share. For the Government to BREAK EVEN we would have to receive $53 dollars per share. These stocks are selling for $21 dollars per share right now. So with that said , selling these stocks will be incurring a HUGE LOSS for the American taxpayers.This is the unsaid truth about this bailout, it was nothing more then a gift that was given to GM , putting companies like Ford at a competitive disadvantage. This is so unfair to companies that played by the rules. Democrats playing favorites in the marketplace with the American taxpayers money, plain and simple.

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4cathylukasko(116 comments)posted 2 years ago

Sorry Senator Brown. You and Tim Ryan have "claimed" to be working on the Delphi salaried pension reduction for over 3 years. Suddenly, right before this election, you are sponsoring a Senate bill to restore Delphi pensions via the $25 billion taxpayer ownership of GM funds. The Delphi salaried workforce is much smarter than that. I, for one, see through your "vote getting" bill and know that the Delphi pension was fully funded and does NOT need taxpayer $ to rightfully restore our pensions. This is the Obama administration's attempt to divert attention from their illegal activities which will be part of the Oct ROMNEY/OBAMA debates. I will personally educate those Delphi retirees of your lame Senate proposal and will vote for Josh Mandel who publically supports Delphi retirees and their desire for public exposure of this "transparent" Administration.

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5classics(53 comments)posted 2 years ago

Jiedel, Terrible what happened to steel workers. No question. Difference here is the government stepped into this GM bailout with tax payer funds and took care of those who were their strong supporters. Adding insult to injury, the Salaried fund was well enough funded and should have not been dumped to begin with. The steel industry never had government intervention into the bankruptcies.

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6InterestedInAll2(11 comments)posted 2 years ago

What Senator Brown's bill does is change the discussion from why this happened and who did it to how to fix what went wrong. That is exactly where this discussion should be. The damage done to our community needs to end and it can by simply treating the Delphi Salaried Retirees in a fair and equitable manner. It was our government that did this, and it is they that can fix it. Senator Brown is well aware of other options and has offered this solution to help bring the issue to a conclusion. So thank you Senator Brown. Let the best idea win!

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7Delphisalariedretirees(76 comments)posted 2 years ago

The Delphi Salaried Retirees deserve to have the injustice done to them by officials of the Obama Administration fixed NOW! It has been over three years, and no solution by the one man who can singularly fix it, BARACK OBAMA! President Obama MUST not allow our government's actions to treat some Americans differently than others.

The national online petition http://www.delphipetition.com/ launched one week ago is gathering strength. It will continue until our issue is satifactorily resolved, and it WILL be used to affect the outcome of the Presidential race, both here in Ohio and in other swing states.

Please sign at http://www.delphipetition.com/ to support your friends and neighbors in this fight.

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