WASHINGTON, D.C. - U.S. Sen. Sherrod Brown and Rep. Timothy J. Ryan Thursday introduced legislation that would restore the full pensions of Delphi salary retirees.
The bill would transfer certain proceeds from the sale of government stock of General Motors to a fund at the U.S. Treasury Department that would supplement payment to the Delphi retirees, the lawmakers said in a release.
"Thousands of retirees in Ohio dedicated their careers to working for Delphi and General Motors, but many of these retirees have yet to receive the pensions they earned and deserve," Brown said.
In 2009, Delphi's bankruptcy cost 20,000 salaried retirees their full pensions - about 1,500 locally - after the Pension Benefit Guaranty Corporation assumed Delphi's pension plans.
"Delphi's salaried employees were innocent victims of the financial crisis, and I have been working to find a solution for them that is fair and economically responsible," Ryan said. "This bill deserves a 'fast track' to passage."
Congress returned to Washington on Monday for an abbreviated pre-election session.