- Advertisement -
  • Most Commentedmost commented up
  • Most Emailedmost emailed up
  • Popularmost popular up
- Advertisement -

« News Home

Restore Delphi pensions ASAP

Published: Sun, September 23, 2012 @ 12:00 a.m.

For more than three years now, some 22,000 salaried retirees of Dephi Corp., including about 1,500 in the Mahoning Valley, have fought aggressively to plead their plight to the nation. For more than three years now, those pleas and protestations have fallen on deaf ears where it counts most – the highest echelons of the federal government.

At long last, however, thanks to the efforts of U.S. Sen. Sherrod Brown, D-Ohio, and U.S. Rep. Tim Ryan of Niles, D-17th, the retirees’ legitimate wishes for fair play may be granted. Brown and Ryan introduced this month legislation to restore the full pensions of Delphi retirees. Their bills call for using proceeds from the sale of General Motors Co. stock held by the federal government to establish a fund to provide the deserved payments and to make the salaried retirees’ pensions whole.


It’s simply a matter of fairness to ensure all retirees are treated equally. The Pension Benefit Guaranty Corp. took over the plans when GM and Delphi went bankrupt. Since then, the PBGC has restored the full pensions and benefits of unionized GM and Delphi workers. But it threw only a few crumbs the way of the Delphi salaried retirees. In fact, many of the retirees have suffered cuts of up to 70 percent of their promised pensions.

Full restoration of those pensions is also simply a matter of community fairness. A YSU Center for Urban and Regional Studies investigation found that the economic impact of the stingy payouts on Mahoning and Trumbull counties hovers near $60 million annually. That’s $60 million that could work to help reinvigorate nearly every cog of the Mahoning Valley economy.

Members of the community can show their support for the retirees by lobbying for passage of the legislation and by signing an online petition that will be sent to the Obama administration. Go to www.delphipetition.com to enlist your support.


1Delphisalariedretirees(76 comments)posted 3 years, 10 months ago

Thanks, Vindy, for supporting the fact that our pensions should be restored (by the OBAMA ADministration, btw). And thanks for asking our community to support us (and our commnity) by signing the petition:

http://www.delphipetition.com/ .

And thanks to Sherrod & Tim for introducing a bill to do it. However, don't forget the fact that if they don't actually get the job done in one way or another, their bill is nothing more than a useless piece of paper. Now Congressmen, GET THE JOB DONE!

Suggest removal:

2mishmash(333 comments)posted 3 years, 10 months ago

Why not RESTORE the more than 21,000 LTV retirees, salaried inclusive, that got porked by the PBGC.

They never squauked (sp) loud enuff ?

Suggest removal:

3Letstryagain(218 comments)posted 3 years, 10 months ago

I offer the following comments without reading the Brown/Ryan bill, so I stand ready to be corrected if my assumptions are wrong. It is my understanding that the salaried workers pension benefits are not restored in full until funds are received from the sale of government owned GM stock, and that sale requires a break even or higher price. If true, salaried pension benefits could not be restored until the share price moves from the current level of $23 a share to approximately $52 a share, a 51% increase.

So the Ryan/Brown bill is effectively asking the salaried retireees to be patient until the stock price recovers. I would be embarassed to offer this as a solution, unless I thought my constituents would embrace this as a solution, and if I did, it tells me I don't think much of my constituents. intelligence.

If Ryan and Brown really want to fix this problem and remove the injustice currently supported by the government led bankruptcy (anyone say class warfare) they should do the following:

Determine how much it would cost in today's dollars to restore full benefits to the Salaried Employees today. Borrow the funds at market rates offering GM stock as collateral. ( I am assuming there is enough stock owned to fund the pension liability.) The amount offered should allow repayment in full in the event of a 50% decline in the stock price.

An alternative would have the government use the profits they have already realized from the sale of other public companies, like AIG to help support the effort until the GM stock has time to appreciate.

There are solutions to this problem, and I support the Dephi retirees efforts to realize equitable treatment. The Ryan/Brown bill is not a solution. It is nothing more than an effort to appease some voters close to an election.

Suggest removal:

4redeye1(5683 comments)posted 3 years, 10 months ago

As I have stated before The Brown /Ryan bill takes taxpayers money to pay these benefits. That's wrong! GM should be made to belly up to table and take on this responsiblity, not the citizens again. GM had record profits in the first quarter. They gave out bouses to its employees too. We bailed out GM once , so now its alright to do it again to satisfy a few people. The people should be allow to vote on this issue first. Sorry Delphi employees but your arguement is with GM not the general public. who pay taxes.

Suggest removal:

5Delphisalariedretirees(76 comments)posted 3 years, 10 months ago

Well, said. The Delphi retirees do NOT consider the bill to be the solution. The ONLY thing that it does, is start the conversation to fix the problem.

A solution that requires NO taxpayer funds has already been presented to the Obama Administration. It uses money already in the PBGC, the agency that is "supposed" to protect pensions.

Once again, GET IT DONE, Brown & Ryan!!

Suggest removal:

6Silence_Dogood(1677 comments)posted 3 years, 10 months 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.

Suggest removal:

7Freeatlast(1991 comments)posted 3 years, 10 months ago

Sad that so many have so much to say about something they know nothing about .
As far as the Delphi Salary , I HOPE you get, what is comeing to you with back pay , and at last you see who is the real ones standing up for you . GOOD LUCK and standing with you on this .

Suggest removal:

8Delphisalariedretirees(76 comments)posted 3 years, 10 months ago

If Sherrod & Tim expect support in the election, they need to GET IT DONE BEFORE THE ELECTION.

Get it done, boys!!

Suggest removal:

9rmzrez(134 comments)posted 3 years, 10 months ago

If Sherrod & Tim expect support in the election, they need to GET IT DONE BEFORE THE ELECTION
People come out to support you and the first thing you is threaten them !!!

Suggest removal:

10Delphisalariedretirees(76 comments)posted 3 years, 10 months ago

Perhaps you've forgotten that it's been THREE YEARS since the OBAMA Administration hosed us out of our pensions?

And perhaps you've forgotten that it was the DEMOCRATIC Party who is supposed to fix this? You know, the Party that is "supposed" to stand up for the people?

Suggest removal:

11Delphisalariedretirees(76 comments)posted 3 years, 10 months ago


Suggest removal:

12Delphisalariedretirees(76 comments)posted 3 years, 10 months ago

Thank you Vindy, for informing the people that our pensions ought to be fixed. And thank you, voters, for signing our petition:

http://www.delphipetition.com .

It WILL be used come Nov 6th, unless this issue is resolved!!!

Suggest removal:

13InterestedInAll2(11 comments)posted 3 years, 10 months ago

The Brown and Ryan bills suggest one way to treat the Delphi Salaried Retirees in a more fair manner than the Obama Administration did. It is not ALL Democrats that did this and many have spoken up for the retirees, including Brown and Ryan. The President's Auto Task Force did not even follow the President's direction and assure that all parties were treated fairly and nobody received anything they would not have received just because the government was involved. What they did was illegal which explains why they have worked so hard to keep their records hidden, just like Nixon did in the Watergate scandal. Apparently there is another offer on the table that doesn't require the sale of stock or any funds from taxes. If true then that sounds like a better and quicker path for the retirees and in turn our community! Let's all hope that the Obama Administration's efforts to use politics to determine which citizens are treated in which manner is set aside and corrected - quickly! I went to the www.delphipetition.com site and signed it and I hope thousands more do too. It was easy and just said the retirees should be treated fairly and have their full pensions restored. It said I would take that into consideration when I vote too, but that goes without saying anyway.

Suggest removal:

14Delphisalariedretirees(76 comments)posted 3 years, 10 months ago

Thanks, and thank the mahoning Valley, who are coming thorugh in signing the petition!

Suggest removal:

15DontBanThisDrone(1046 comments)posted 3 years, 10 months ago

Nobody outside of your own little circle has even heard of the Delphi salaried retirees, nor do they even know what Delphi Electric is.

Come November after Obama is re-selected as your president, and you're still scrapping for your pensions, some of you will finally realize how truly insignificant you are.

I hope you get every penny.


Suggest removal:


HomeTerms of UsePrivacy StatementAdvertiseStaff DirectoryHelp
© 2016 Vindy.com. All rights reserved. A service of The Vindicator.
107 Vindicator Square. Youngstown, OH 44503

Phone Main: 330.747.1471 • Interactive Advertising: 330.740.2955 • Classified Advertising: 330.746.6565
Sponsored Links: Vindy Wheels | Vindy Jobs | Vindy Homes