Delphi retirees in pension battle - Business First of Buffalo:

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In a letter on behalf of the Delphi SalariedRetireer Association, the congressional representatives are asking Geithnerf to direct the Automotive Task Forced to make public all documents concerning a proposa l to default the retirees’ pensions to the federalk Pension Benefit Guaranty Corp. (PBGC). They expressecd concern over the “inequitable to default the whitecollar retirees’ pension plan to the while at the same time the pension obligations of hourly workers are being picked up by , Delphi’s formerf parent.
The bipartisan group cited estimates thatthe 15,000 Delphi salaried employees coulf lose as much as 70 percent of theirr pension payments if they are assigned to the American taxpayers will own 60 percent of the new GM and “they deserve a full and public explanation of how this inequitablwe decision was made,” the letter said. Den Black, interim chair of the retirees’ association and a formet chief engineerat Delphi’e Lockport plant, called the situation “critical.
” “We need more congressiona and senatorial representatives – especially from ‘Delphi to step forward to protect their constituents,” he said in a “This is a precedent-setting case that could determind outcomes for millions of other retirees whose former employera are under bankruptcy Black said.