U.S. could take over pensions for Delphi’s hourly workers

[SpartanDem]

Source: Detroit Free Press

Delphi Corp. could dump its pension for U.S. hourly workers on the federal government, the Troy-based supplier, saying it must shed its pension obligations to emerge from bankruptcy, said late Tuesday

The move could potentially reduce benefits for thousands of retirees.

Delphi's former parent, General Motors Co., has reversed course and will not assume the supplier's hourly plan.

Instead, GM and the Pension Benefit Guaranty Corp., the government's agency that insures pension plans, negotiated a deal that could involve terminating Delphi's hourly pension plan, which would move the pensions of tens of thousands of hourly retirees to the federal government.

Delphi says the decision now lies with the PBGC about whether it should take on the hourly plan, a move that would cap the pension payments depending upon a retiree's age. Younger retirees likely would face reductions to their pension payments. It was not clear late Tuesday night how large a reduction retirees might see under such a scenario.



Read more: http://freep.com/article/20090721/BUSINESS01/90721070/U.S.-could-take-over-some-Delphi-pensions

[sutz12]

1. And the hits just keep on coming...

I suppose they will get pennies on the dollar after the transfer.

Well, who are we, to think we have the right to retire some day? Can't have that, now, can we?

:shrug:

[The_Casual_Observer]

2. The greatest country in the world!

bullshit

[harmonicon]

3. well, if you accept "the world" as being anything between Canada and Mexico

then it is!! And most people who make that "greatest country in the world" claim really do think that the entirety of the world exists between Canada and Mexico.

[stumprancher]

4. Which country

Uh, then which is the greatest country in the world?