Today, Congressman Mike Turner (OH-10) led 15 Members of Congress in urging President Trump to direct the Pension Benefit Guaranty Corporation (PBGC) to restore the pensions of Delphi Salaried Retirees to the greatest extent possible. Specifically, the letter calls on President Trump to direct his Cabinet Members sitting on the PBGC Board of Directors, under 29 U.S. Code §?1347, to arrive at a settlement agreement to restore the salaried retirees’ pensions by conducting transparent negotiations in good faith. Trump is considering intervening on behalf of Delphi Salaried Retirees.
“For the past decade, I have advocated for the pension restoration for Delphi Salaried Retirees. I am thankful that President Trump is giving attention to this injustice committed by the Obama-Biden Administration,” said Turner. “President Trump and the PBGC Board of Directors have the ability to right this wrong. I hope to see the Delphi Salaried Retirees made whole after a decade of struggle to receive the pensions they worked so hard to earn.”
In 2009, the PBGC terminated the pensions of 20,000 Delphi Retirees as part of the taxpayer-funded bailout of General Motors (GM) instituted by the Obama-Biden Administration. Because of the termination, the salaried retirees faced significant losses to their benefits, with some retirees losing as much as 70 percent of their retirement benefits.