Treasury Clearly Involved in Decision that Terminated Delphi Salaried Workers’ Pensions

Investigation: Treasury Clearly Involved in Decision that Terminated Delphi Salaried Workers’ Pensions and Is Withholding Information from the Public

Documents Show Both Hourly & Salaried Workers Considered, Before Salaried Workers Were Dumped

Release: Wednesday, October 03, 2012 

Washington, DC - On August 13, 2012, Ways and Means Chairman Dave Camp (R-MI) sent document requests to the White House, Department of Treasury (Treasury), and Pension Benefit Guarantee Corporation (PBGC) to determine whether political concerns influenced the decision-making that resulted in the Obama Administration topping off the pensions of Delphi’s union beneficiaries while terminating its non-union pensions ~ the PBGC provided what appears to be a nearly complete response, while Treasury provided an incomplete response. The White House provided no documents, but claimed Treasury was responding on its behalf. The more than 5,000 pages of documents reviewed to date raise new questions about the Administration’s involvement in decisions affecting Delphi pension beneficiaries. Some of the key findings include:

  • Treasury withheld documents from its production without notice or explanation.
  • Officials involved in negotiations discussed General Motors (GM) assuming both Delphi salaried and hourly pension plans as late as May 28, 2009. Following extensive Treasury involvement, the decision was made to only supplement hourly pension plans.
  • Treasury and PBGC emails suggest that top officials at Treasury were heavily involved in the decision to terminate the Delphi pensions through the convening of meetings, providing comments on draft settlement agreements, and conferring with GM and Delphi officials apart from PBGC.

Chairman Camp stated, “Treasury was clearly in the center of the decision to terminate the pensions of Delphi’s salaried workers."

House Ways and Means Committee Release | Dayton Daily News - Treasury Clearly Involved | Washington Examiner - Delphi decision involved Obama officials | Detroit News - Rep. Camp wants more U.S. documents | Daily Caller - Treasury, Obama officials ‘clearly involved’