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Mediation rejected for Delphi retirees



Published: Fri, September 28, 2012 @ 12:00 a.m.

Associated Press

DAYTON

Attorneys for a federally backed pension insurer have declined to enter mediation with retirees of a bankrupt auto-parts supplier suing to have their full pensions restored.

The Dayton Daily News reports that the Pension Benefit Guaranty Corp. rejected the nonbinding mediation with Delphi salaried retirees.

A spokesman for the insurer said Thursday said it can pay out only the amounts authorized by Congress.

Chuck Cunningham with the Delphi Salaried Retirees Association said the rejection came after six weeks of discussions.

The retirees have been struggling for three years to get their full pensions from Delphi.

In July 2009, a then- bankrupt Delphi surrendered its pension obligations to Pension Benefit Guaranty Corp.

That resulted in pension payments that were 30 percent to 70 percent lower than the retirees expected.


Comments

1Freeatlast(1991 comments)posted 1 year, 9 months ago

That is what they have been saying for three years . They had no contract and they got what the law said they should get . But that said, I hope someone can help them by changing the law .
Just hope their threats do not stop it .
It is not a good idea to bite the hand that could help like they have in the pass

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2classics(53 comments)posted 1 year, 9 months ago

Freeatlast, contracts have not a thing to do with it. The hourly retirees rec'd the same thing via the PBGC that the salaried did. Difference is, GM made up the differences (what they lost) with tax payer money. PBGC is not exactly being honest here. Surprise, surprise. Where did these folks fully funded pension go?

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