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SUBJECT:       Pensions of Delphi Corporation Retirees and Other
                        Retirees Covered by Vulnerable Pension Plans

Peter Navarro-“We’re going to come up with a way to try to make these folks whole,' trade adviser tells FBN.



After Delphi went bankrupt, thousands of salaried and non-unionized Delphi workers, through no fault of their own, had their pension plan terminated, upon which trusteeship was transferred to the Pension Benefit Guaranty Corporation (PBGC) for administration, consistent with statutory limits.  These workers’ unionized colleagues were able to keep their full pensions through a deal with General Motors.  A group of salaried and non-unionized Delphi retirees who did not benefit from their unionized colleagues’ deal with General Motors have spent the last decade in legal and financial limbo as they challenged the termination of their pension plan in the Federal courts.  That litigation remains ongoing, and the Court of Appeals for the Sixth Circuit recently affirmed the district court’s grant of summary judgment against the retirees.

The previous Administration failed to fully protect the pensions of Delphi’s salaried and non-unionized workforce, despite that Administration’s substantial influence over General Motors’ bankruptcy proceedings.  Its actions in this regard are yet another example of how it failed American workers.  By contrast, the plight of Delphi’s salaried and non-unionized workforce is of great concern to my Administration, which is committed to protecting all American workers.

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