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Rep: Release Delphi records

Retirees continue fighting to make pensions whole

June 11, 2013

WARREN — Saying the investigation of cuts to Delphi salaried retiree pensions has “dragged on for far too long,” a Congressional subcommittee chairman on Monday said he will subpoena government......

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(116)

mrright

Jun-11-13 6:09 AM

Mr Gump has attempted to make the obama government action against the employees non-political. We know it is political. It is another in a long list of Obama's division by design, there always has to be an enemy and this group of employees were made the enemy.

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escaped

Jun-11-13 7:27 AM

Too bad it takes a congressman from Florida to finally get moving on this issue. Where is Timmy?

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notpc4sure

Jun-11-13 7:50 AM

We don't know where Timmy's body is but its been verified his -Head -is still up Obama's rear end.

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reallytiredofit

Jun-11-13 8:12 AM

Why won't anyone say where the 5 Billion dollars needed would come from. If it isn't taxpayer money then whose money is it?

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reallytiredofit

Jun-11-13 8:31 AM

The article states that the Hourly pensions were made whole while the Salaried pensions were turned over to the PBGC. That is not correct. BOTH the hourly and the salaried Delphi pension plans were turned over to the PBGC. Every hourly Delphi retiree receives their basic pension payment from the PBGC.

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DelphiRetiree

Jun-11-13 8:47 AM

The article never said that the hourly pensions weren't turned over to the PBGC. The article says that "thousands of Delphi salaried retirees who lost large portions of their pensions during the General Motors bankruptcy of 2009, while hourly retirees' pensions were made whole." READ, ex-union thug.

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marine12

Jun-11-13 10:10 AM

In 1999 with the spin off of Packard Electric, GM promised the autoworkers union that if the Delphi pension fund failed that they would be made whole through special payments called top ups. Delphi pension retirees, welcome to the 2 tier system that was originated and perfected at Packard Electric and no doubt encouraged by many of you. Karma.

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reallytiredofit

Jun-11-13 10:22 AM

Check out the sixth paragraph mr. engineer. It clearly alludes that only the Salaried pension plan was turned over to the PBGC. WE, you and I, know that is not correct, don't we? A more correct way of saying it would be, "as a result of the DELPHI bankruptcy, both the Hourly and Salaried pension plans of DELPHI were turned over to the PBGC. General Motors who were themselves under chapter 11 protection, made a request of the bankruptcy court for permission to keep all of their pension plans inhouse and to abide by the written committments they had made to some but not all hourly employees through their Union Contracts. The Federal Bankruptcy judge granted General Motors request to keep their pension plans, and to top off some, but not all, hourly employees pension payments in line with their contractual committments."

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DelphiRetiree

Jun-11-13 12:09 PM

If you want to read into what the article "alludes", go right ahead, because it makes no difference. Fact is, GM & the Obama Administration used billions in taxpayer funds to discriminate, resulting in GM & Delphi hourly receiving 100% of their pensions, while slashing the Delphi Salaried.

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reallytiredofit

Jun-11-13 1:18 PM

Well mr.engineer you tell us, Legally just what does General Motors owe the DELPHI salaried retirees? Did YOU retiree from DELPHI? Did YOU sign a release from General Motors when you became a DELPHI Salaried employee? Did you sign a release that held both General Motors and DELPHI harmless when you retired and got that BIG exit bonus? Has either DELPHI or General Motors violated bankruptcy law? I know you won't answer these questions because YOU don't want the residents of this valley to know the truth.

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reallytiredofit

Jun-11-13 1:24 PM

The real truth mr.engineer is that YOU trusted DELPHI and General Motors to protect YOU. The Hourly employees KNEW that these companies could not be trusted so they negotiated language that protected themselves. Call it what ever you want to mr. engineer but the Hourly approach WORKED. YOUR approach DID NOT.

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DelphiRetiree

Jun-11-13 1:27 PM

General Motors legally owed the hourly nothing more than the salaried.

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reallytiredofit

Jun-11-13 1:31 PM

.... and mr. engineer YOU are right that in a legal sense General Motors could have requested that the court cancel the hourly agreement. In a practical business sense however THEY COULD NOT. So, General Motors never asked the court to void the agreements, rather they notified the court that they intended to meet their committments in their labor agreements. YOU didn't get a top up because NO ONE ever said you would. That mr.engineer is THE DIFFERENCE. I can't wait till you go to court and they enter a copy of the Voluntary Retirement Waiver that YOU signed into the record.

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reallytiredofit

Jun-11-13 1:34 PM

Oh they sure did. They owed the hourly the top up because the contract was a legal document and it WAS NEVER CHALLENGED OR CANCELED BY GENERAL MOTORS OR THE COURT. SINCE IT REMAINED IN EFFECT THEY HAD TO COMPLY.

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Senator1218

Jun-11-13 1:34 PM

"...Obama Administration used billions in taxpayer funds to discriminate..."

Not so fast...The PBGC is not funded by general tax revenues. Its funds come from four sources: 1. Insurance premiums paid by sponsors of defined benefit pension plans; 2. Assets held by the pension plans it takes over; 3. Recoveries of unfunded pension liabilities from plan sponsors' bankruptcy estates; and 4. Investment income.

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reallytiredofit

Jun-11-13 1:35 PM

QUIT BELLY CRAWLING AND GO WIN YOUR CASE IN COURT!

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my2centsworth

Jun-11-13 1:54 PM

Mr. Bruce Gump you are awesome. keep fighting the good fight.

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OnlyMe

Jun-11-13 2:57 PM

Senator, I don't usually get into this debate, because it always runs down to an "Us-vs-Them" as it has below. But in this case, even though you're correct, your point is irrelevant. The fact is that GM took taxpayer-funded loans and direct investment; then used that money for ongoing business activities. One of those business activities was specifically payments to fully fund the hourly employee pensions. Therefore, taxpayer money was the basis for those payments. And that means that taxpayer money was used to improve the position of one of the two classes. And the contention here (and publicly available information suggests that this contention is true) is that Obama's Treasury staff directed certain decisions in this case.

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reallytiredofit

Jun-11-13 3:09 PM

Well,onlyme, the questionable word is IMPROVE. Neither General Motors nor the Federal Government IMPROVED the hourly retirees position in any way. The Hourly retirees were and had always been recieving their full pension payments. Nothing was IMPROVED. They didn't recieve more. They only recieved what their contract, that was in full force and effect called for. The Salaried employees WOULD in fact be recieving an IMPROVEMENT at tax payer expence if they were topped off because they had no contract that provided for a top off. That IS and always has been the difference in this matter.

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reallytiredofit

Jun-11-13 3:14 PM

This case is UNWINNABLE in Federal Court. That is why the DSRA has quite frankly shelved the court case in favor of political action. The Republicans however have NO INTENTION of actually helping the Salaried Retirees get more money. If that was their goal they could have passed legislation in the House a long, long time ago.

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reallytiredofit

Jun-11-13 3:17 PM

I mean let's face it this case was filed four years ago and the Salaried group is still in the discovery phase. At the pace they are on all of the Delphi retirees will be dead and buried by the time the case goes to court.

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reallytiredofit

Jun-11-13 3:27 PM

And onlyme this piece is really critical, EVERY Salaried employee who chose to remain with Delphi at the time of the spinoff was required to sign a cessation of employment form with General Motors that stated that the employee recognized that General Motors owed them nothing going forward ang that from that date was a DELPHI employee. The Hourly workforce did not sign such a document. Later when the Salaried Employees were retiring from DELPHI they each signed another document that stated that the retirement was strictly voluntary and that they agreed to hold GM and Delphi harmless from any legal action. If they did not sign the waiver then they did not recieve the EXIT BONUS of between 5 and 6 figures.

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liemonger

Jun-11-13 5:35 PM

"This case is UNWINNABLE in Federal Court."

Hopefully, no one is dumb enough to take ANY advice, let alone legal, from an illiterate bot.

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DelphiRetiree

Jun-11-13 5:40 PM

Chirp on, retired IUE/CWA Shop Chairman. You should write a book. FICTION, of course.

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DelphiRetiree

Jun-11-13 5:46 PM

For sure monger! Tired was rejected by his own International union. Go figure...

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