Ohio Senator (Sherrod Brown) wants to restore Delphi pensions

Source: Detroit News

September 7, 2012 at 4:22 pm
Ohio Senator wants to restore Delphi pensions
By David Shepardson
Detroit News Washington Bureau


An Ohio senator will introduce legislation next week that would use an estimated $1 billion of the Treasury's stake in General Motors Co. to restore full pensions to about 20,000 salaried retirees at Delphi Corp.

U.S. Sen. Sherrod Brown, D-Ohio, said Friday that his bill would transfer the proceeds of the sale of some of the government's 500 million shares of GM stock to a fund at the U.S. Treasury Department that would supplement payment to the Delphi retirees.

"Many Delphi retirees have yet to receive the pensions they earned and deserve," Brown said. "Now that General Motors is profitable once again and the federal government is preparing to sell its stake in the company, a portion of the proceeds should be used for those shortchanged retirees."

Troy-based Delphi, while in bankruptcy in 2009, terminated the pension plans of 70,000 people and left a $7.2 billion shortfall. The Pension Benefit Guaranty Corp., the government's pension insurer, assumed the plans and must pay $6 billion of the losses.



Read more: http://www.detroitnews.com/article/20120907/AUTO0103/209070428#ixzz25orMKXqa