Some Delphi Salaried Retirees Will Receive Payments From Both PBGC and Prudential

The PBGC has published this undated information believed to have been released today:
Starting June 1, about 6,000 Delphi salaried retirees will see a change in how they receive their retirement benefit. They will continue to receive the same benefit amount.
If you are one of the affected retirees, PBGC sent you a letter on April 30. The letter explains that instead of a single monthly benefit payment, you will now receive two payments each month. ~~ Read full PBGC FAQ
DSRA is taking legal advice regarding the significance and impact of this change but has no further information to provide on this subject at this time.  Meanwhile, all questions should be directed to the PBGC via their contact page.

10-22-09: PBGC Pension Calculation Methodogy

Prepared by John MacBain for DSRA members

This will give some flavor as to the PBGC methodology applied to your pensions. In the case of someone without an early retirement pension, you will be able to determine rather closely your PBGC pension if you couple this information with the Delphi pension calculation spreadsheet already posted by the DSRA (Delphi Retirement Calculation Spreadsheet). For people with an early retirement supplement, it is not possible to convey precise numbers in a spreadsheet, but this note will give you a roadmap.

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10-14-09: Delphi Retirement Calculation Spreadsheet

Through the years, there has been a pension calculator on the Fidelity Netbenefits webpage which would allow you to project your Delphi pension for anticipated retirement dates.  That link is no longer available.
DSRA is providing this Excel spreadsheet which should provide a rather good estimate of what your Delphi pension would have been for a future retirement date.  The only modification from the original Delphi rules is that eligibility time to qualify for early retirement gates ceased to accrue on August 1, 2009.  This is a result of the PBGC becoming the trustee for the pensions.

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