After 11 years of fighting for their pensions, the Delphi Salaried Retirees are given hope by President Donald J. Trump. Today, President Trump signed a presidential memorandum directing his cabinet to come back within 90 days with recommendations that provide a remedy to restore the Delphi Salaried Retirees’ pensions. This remedy will have a 180 day implementation period. Remedies may include legislative or administrative options.
During the Obama Administration’s 2009 taxpayer-funded General Motors (GM) bankruptcy bailout, the PBGC unjustly terminated the earned pension plans of more than 20,000 Delphi Salaried Retirees. They have filed suit against the PBGC in Federal District Court in Detroit.
The Special Inspector General of the Troubled Asset Relief Program (SIGTARP) in its report on the Obama-Biden’s Treasury’s role in GM’s Delphi pension decisions reported criticism of the disparate treatment of Delphi salaried employees. SIGTARP also reported the Delphi Salaried Retirees had no leverage in the bankruptcy process while the Obama-Biden Auto Task Force provided UAW employees a seat at the table. “According to a Treasury document, it was estimated that Delphi Salaried Retirees would lose approximately $440 million in pension benefits,” reported SIGTARP.
“Today, President Trump is taking action to finally help these hard working people who were robbed by the Obama-Biden Administration,” said Congressman Mike Turner (OH-10). “For 11 long years, I have been at the forefront of helping the Delphi Salaried Retirees fight to retain their pensions, which they earned through years of faithful service. President Trump is proving yet again that he supports American workers.”