- Published: Thursday, 16 September 2010 07:14
Detroit News - Daniel Howes 9/16/2010
~~ Delphi's 20,000 salaried retirees -- mostly clustered in Michigan and neighboring states -- are still awaiting a credible explanation about why some of them lost as much as 70 percent of their pensions while their unionized counterparts were made whole in last-minute deals intended to help GM and Delphi, the former GM parts unit spun off in 1999, exit bankruptcy.
The Detroit News 9/15/2010
GM's financial rescue by the federal government has greatly helped the Metro Detroit area. But one group of people has fallen through the cracks-- the salaried retirees of Delphi ~~ About 22,000 white collar Delphi retirees -- of which there are more than 1,700 in Michigan -- had their Delphi pension plan terminated and their pensions transferred to the federal Pension Benefit Guarantee Board (PBGC). ~~ their retirement checks diminished by 30 percent to 70 percent. ~~ UAW and other union employees of Delphi, by contrast, receive two checks; one from the PBGC and another one, "topping up" their retirement pay, from GM.
Detroit Free Press – Greg Gardner 9/15/2010
~~ At issue is a $1.6-billion gap between what the salaried Delphi retirees are entitled to and what they are receiving after General Motors and Delphi terminated their plans and gave them to the Pension Benefit Guaranty Corp.
The Oakland Press – Joseph Szczesny 9/14/2010
An independent probe of the Pension Benefit Guarantee Corp.’s decision to assume control of Delphi Corp. salaried pension has been approved.