1-27-10: DSRA is Handed a Preliminary Victory

DSRA is Handed a Preliminary Victory

With Respect to Our Efforts to

Prevent the PBGC From Reducing Your Pension Benefits

       The Federal District Court in Detroit handed the DSRA a preliminary victory on Tuesday, January 26.  We had asked the Court to prevent the PBGC from reducing our pension benefits during the period in which the Court resolves our challenge to the termination of our pension plan.  On Tuesday, the Court issued an extraordinary order telling the PBGC to hold the difference between our full pension payments and the reduced amounts the PBGC will pay us in what is known as an “escrow” account -- namely, a separate interest-bearing account.  The Court insisted that the PBGC do this so that, in the event we win in the end, we will all get full relief.  The Court said that the PBGC could avoid the escrow account requirement only if the PBGC were instead to stipulate on the record that it automatically will make everyone whole if the Court ultimately rules in our favor on the merits.  If the PBGC fails either to establish the escrow account or make the stipulation on the record to the Court, the Court indicated it will then issue an injunction entirely halting any PBGC reductions.

      This is a very promising development.  If the Court believed that our case lacked merit, it would not

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1-26-10: BREAKING NEWS - Judge gives PBGC two choices...

Judge gives PBGC two choices on DSRA Injunction Request; Retirees’ Legal Counsel Views Court Order as Positive Development:

DETROIT – Eastern Michigan District Federal Judge Arthur J. Tarnow has ordered the Pension Benefit Guaranty Corporation (PBGC) to choose between two options concerning the Delphi Salaried Retirees Association (DSRA) injunction request to stop pension reductions. 

Your DSRA Attorneys are continuing to review the Judge’s order, but initially viewed the development as positive for the Retirees’ case.

DSRA leaders will communicate additional details as soon as they are available.

1-26-10: BREAKING NEWS - UAW Sends Message of Support...

DETROIT – United Auto Workers (UAW ) President Ron Gettelfinger has sent a letter to the Delphi Salaried Retirees Association  (DSRA ) stating his Union’s support for “Fair and Equitable” treatment for Delphi Salaried Retirees in the group’s battle to preserve their EARNED Pensions.

Congressman  Chris Lee (R-NY) and Congressman Tim Ryan (D-OH), among the many in the House who have been leading the support for the Delphi Salaried Retirees, will communicate the contents of the UAW letter Nationally through a Press Release tomorrow.

General Support - Folder

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