TURNER Inquiry Results in Increased Transparency, Accountability for Delphi Retirees
Congressman Turner released the following statement in response to the report issued by the Inspector General for the Pension Benefit Guaranty Corporation (PBGC):
“The inquiry I requested has provided us with new information and has resulted in the PBGC making meaningful, substantive changes that will hold the agency accountable to Delphi Salaried Retirees. For far too long, these retirees have been denied access to information about their unjustly terminated pensions. Because of the inquiry I requested, the there is now greater transparency and accountability for Delphi Salaried Retirees.”
On December 9, 2015, Turner wrote to the Office of Inspector General (IG) for the PBGC, requesting an inquiry into the agency’s actions in failing to provide retirees with information regarding the Plan Asset Audit and Benefit Statement Worksheets. On February 12, 2016, the IG issued its response and the results of its inquiry.
In the inquiry requested by Turner, the IG determined that the Plan Asset Audit was completed on June 29, 2015. Completion of this Audit is required before any benefit determinations can be made. The PBGC had asserted, at least as late as August 31, 2015, that it had not yet completed the Audit. Without a completed and accurate Audit it is impossible to know whether a retiree is receiving the full pension benefit they are entitled to under the law.
Further, the inquiry requested by Turner revealed that the IG determined that improvements were needed to the PBGC’s processes for retirees’ requesting Benefit Statement Worksheets. These Worksheets detail how an individual retiree’s benefits were calculated by the PBGC, and are necessary for retirees seeking to appeal the agency’s benefit calculation. Following the inquiry, the IG recommended and the PBGC agreed to make improvements to its process that will provide retirees with additional information in a more timely manner.