Wed. 4:25pm: Treasury nominee questioned about Delphi pensions
The man nominated to fill the U.S. Treasury Secretary post is being questioned about the treasury department’s involvement in decisions to cut the pensions of thousands of Delphi salaried retirees.
Republican U.S. Senator Rob Portman today submitted questions about the Delphi issue for the Senate Finance Committee hearing considering the nomination of Jacob Lew.
During the General Motors 2009 bankruptcy, Delphi’s defined benefit pension plan was terminated and Delphi workers lost an estimated 30 to 70 percent in benefits. The Auto Policy Task Force, however, decided to “top-up” the pension benefits of union retirees, but not those of the 20,000 salaried retirees.
An economic impact study by Youngstown State University found that decreased retiree income and benefits will cost the Youngstown area about $58 million per year in lost economic activity and the Dayton area about $80 million per year.
Read the complete story in Thursday’s Tribune Chronicle or at tribtoday.com.