Congressmen Mike Turner and Dan Burton (IN-5) sent a letter to Oversight and Government Reform Committee Chairman Darrell Issa requesting that the Committee convene hearings into the actions of Pension Benefit Guarantee Corporation relating to Delphi employee pensions.
Congressmen Mike Turner (OH-3) and Dan Burton (IN-5) sent a letter to Oversight and Government Reform Committee Chairman Darrell Issa requesting that the Committee convene hearings into the actions of Pension Benefit Guarantee Corporation (PBGC) relating to Delphi employee pensions. A decision by the PBGC resulted in approximately 15,000 salaried Delphi retirees from across the country taking a severe cut in their promised pension benefits that had been earned throughout their careers. The letter notes that “Unions were treated differently [in the decision making process] with the so-called ‘splinter unions’ such as the IUE, IBEW, and IAM still facing benefit reductions while the UAW retirees saw their pensions topped off and continue to receive full benefits…In fact, the IUE pensions were initially slated to take the same cuts as salaried retirees, but the A[uto] T[ask] F[orce] reversed this decision three weeks after GM emerged from bankruptcy.”
The lawmaker’s call for the hearings came “Because of the substantial taxpayer investment in the auto industry, and the role of the Federal Government Agencies resulting in the reduction or elimination of these benefits, Congress has a responsibility to exercise its oversight authority in this matter and ensure that all Delphi employees receive the pensions they deserve.”