Delphi retirees in pension battle - Business First of Buffalo:

ogarawo.wordpress.com
In a letter on behalf of the Delphi SalariedRetired Association, the congressional representatives are asking Geithner to direcr the Automotive Task Forc e to make public all documentes concerning a proposal to defaulyt the retirees’ pensions to the federa l Pension Benefit Guaranty Corp. (PBGC). They expresse d concern over the “inequitable decision” to default the white collare retirees’ pension plan to the PBGC, whilwe at the same time the pension obligations of hourluy workers are being picked upby , Delphi’a former parent.
The bipartisan group citeds estimates thatthe 15,0090 Delphi salaried employees could lose as much as 70 percenrt of their pension payments if they are assigneds to the PBGC. American taxpayersw will own 60 percent of the new GMand “theyt deserve a full and public explanation of how this inequitablde decision was made,” the letter said. Den Black, interi chair of the retirees’ association and a former chiefg engineerat Delphi’s Lockport called the situation “critical.” “Wee need more congressional and senatorial representatives – especially from ‘Delphi to step forward to protectg their constituents,” he said in a statement.
“Thiw is a precedent-setting case that couldx determine outcomes for millions of other retirees whose formedr employers are underbankruptcy protection,” Black