Senators search replace on Delphi pension overview | Information, Sports activities, Jobs
A bipartisan group of US senators wants responses from the Biden administration regarding the review of the canceled Delphi pension for retirees, which was headed by former President Donald Trump in October.
The eight lawmakers, including Republican Rob Portman and Ohio Democrat Sherrod Brown, have requested a status update on Trump’s presidential memo from finance, trade and labor ministers.
Trump’s memo directed the same members of his cabinet to come up with recommendations within 90 days to address the reduced pension benefits that arose when the Pension Benefit Guaranty Corporation took responsibility for the pensions in 2009.
This should include whether the pension plan can be reset to the pre-notice status and provide additional transparency in the decision to terminate the pension plan. The directive also included an implementation period of 180 days.
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“We had not seen this report until June 10, 2020, nor were we made aware of its completion. We know this review was due on January 20, 2021 – before you took up your current roles. We think it is important that the Congress continues to have the opportunity to review the recommendations of your agencies. “ the legislature wrote to Biden cabinet members on Thursday.
The group, which includes Senate Majority Leader Chuck Schumer, D-New York, wants to know when work on the report began, when it is expected to be completed, and when Congress can expect a copy for review .
“Please know that we are ready to work with you to ensure that Delphi retirees and all American workers get the benefits they deserve.” it says in the letter.
It is unclear to members of the Delphi Salried Retirees Association whether the review continued after Trump lost re-election to President Joe Biden. Chuck Cunningham, legal contact for the association, said the group worked with Trump’s trade and manufacturing policy assistant Peter Navarro and his staff, but those people left when power changed hands.
“Of course it’s great to be making such a bipartisan effort,” said Cunningham. “I think this is great and we really appreciate it and I just hope cabinet members come back and do something about it and the PBGC cooperates.”
The association has been fighting for the restoration of lost pensions for more than 11 years.
She sued the PBGC in 2009 after the agency took over employee pensions when Delphi filed for bankruptcy. The move resulted in lower pension payments to retirees, in some cases by up to 70 percent. Of the around 20,000 participants, around 1,500 local salaried pensioners were affected.
Delphi, formerly Packard Electric, which was once part of the parts division of General Motors, filed for bankruptcy in October 2005 and was formed four years later. While Delphi had bankruptcy protection, it transferred responsibility for all of its employee pensions to the PBGC.
General Motors continued to contribute to unionized retirees, while retirees remained employed with significantly reduced pensions.
The group has not given up its legal battle, said Cunningham.
In February, the U.S. 6th Court of Appeals denied a motion by the association to review a September court ruling that was accompanied by a March 2019 ruling by a Michigan Federal Court judge. That judge dismissed the group’s complaint of lost pension funding against the PBGC.
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