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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8-16-09: Delphi Salaried PBGC Plan Q&A's

Below are a set of answers from the PBGC for questions you have had since the termination July 31, 2009 and the recent August 10,2009 Trusteeship. There will be more, these were the ones they could answer now and were critical. You will see these posted at their website which now has a page dedicated to servicing our case. These questions and answers will be on their web site next week, but they won’t appear in the same form presented in the attached document.   They have created plan-specific pages for the Delphi plans on their web site, and those pages include links to Delphi-specific and general FAQs.

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10-4-09: PBGC Payment Initiation and Overpayment Recovery

Answers to Questions about PBGC Payment Initiation and Overpayment Recovery:

Here are recent answers from the PBGC regarding estimates and overpayments:

  • The PBGC expects to assume responsibility from Fidelity for making payments to current retirees by January 1, 2010.
  • The PBGC will adjust current retirees payments to estimated guaranteed levels approximately February/March, 2010.
  • Overpayments are accumulated as of our termination date, July 31, 2009.  
  • The collection process will not start until final benefit determinations are issued from the PBGC which, could take three to four years from now.
  • Overpayments are interest free and typically done by reducing your monthly benefit by a fixed percentage.  This percentage is based on what is owed and the value of your annuity (examples to follow at a later date).  The collection percentage could be as low as 3% of your monthly gross annuity however, not to exceed 10%.  Once the overpayment has been repaid, your monthly benefit is restored to the amount of the final benefit determination.
  • If the retiree should die during the payback period the surviving spouse is responsible to assume the liability at the same amount determined prior to the retirees death.  If the surviving spouse were to die prior to full payment the PBGC will NOT collect unpaid funds from the estate.

4-7-09: Retiree introduction to the PBGC

PBGC has several video's that present a basic introduction of their agency and accomplishments. The first video introduces themselves and how it will service terminated pensions. The second video contains most frequent asked personal and general questions with answers. Also there is a very recent audio interview between acting director Vince Snowbarger and Detroit radio station WDFN-AM. The Q and A interview is based on PBGC benefits and automaker pensions.

PBGC Welcome videos