Delphi Pension Task Force Requests Pension Plan Details
Congressman Mike Turner, Co-Chair of the Auto Industry Pension Task Force was joined by fellow Task Force members in writing to request that the Pension Benefit Guaranty Corporation (PBGC) provide them with an update on the status of final benefit determinations for the Delphi Salaried pension plan.
"As you know, over 20,000 salaried retirees had their hard-earned retirement drastically reduced when the PBGC terminated their pensions in July 2009….For too long, these retirees have withstood undue delays on the part of the PBGC to produce this determination," wrote the lawmakers.
Since having their pensions slashed in 2009, the PBGC has not yet produced final benefit determinations for plan participants. Delphi Salaried Retirees are entitled to being informed of final benefit determinations for the benefits they earned.
NOTE: The full letter follows below.
March 5, 2013
Mr. Joshua Gotbaum
Director
Pension Benefit Guaranty Corporation
1200 K St., NW
Washington, D.C. 20005
Dear Mr. Gotbaum:
We are writing to request that the Pension Benefit Guaranty Corporation (PBGC) provide us with an update on the status of final benefit determinations for the Delphi Salaried pension plan.
As you know, over 20,000 salaried retirees had their hard-earned retirement drastically reduced when the PBGC terminated their pensions in July 2009.
However, since that time, your agency has not yet produced final benefit determinations for plan participants. For too long, these retirees have withstood undue delays on the part of the PBGC to produce this determination. Swift, thorough, and accurate action is required to remedy this undue delay and to provide these individuals with the information and certainty they deserve.
Thank you for your timely attention to this matter, and please do not hesitate to contact us with any questions you may have.
Sincerely,
_________________ _________________
Michael R. Turner Tim Ryan
Member of Congress Member of Congress
_________________ _________________
David Joyce Steve Stivers
Member of Congress Member of Congress
_________________ _________________
Jim Jordan Brian Higgins
Member of Congress Member of Congress
_________________
Bill Johnson
Member of Congress
###