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Delphi retirees hail court ruling

PBGC must produce records

March 9, 2012
Tribune Chronicle (news@tribtoday.com) , Tribune Chronicle | TribToday.com

WARREN - The federal pension insurance agency must produce "full and complete" responses within 90 days to Delphi Corp. salaried retirees, a federal magistrate judge has ruled.

The Delphi Salaried Retirees Association on Thursday hailed as significant Judge Mona Majzoub's ruling Tuesday against the Pension Benefit Guaranty Corp.

The association, which includes thousands of salaried retirees from then-Warren-based Delphi Packard Electric, said the federal agency has resisted its efforts since September 2010 to get access to full documents.

The court agreed with the association that its requests were consistent with the court's previous orders for the PBGC to produce documents in its possession that are relevant to the question of whether the agency could have legally terminated their pension plan.

The association noted the PBGC will have to produce documents from what it called the "black hole" period of April to August 2009 when the agency decided to terminate the plan.

Many of the 21,000 Delphi salaried retirees lost 30 percent to 70 percent of their pensions when the PBGC terminated the plan. Retirees say they were sacrificed as the President Barack Obama administration brought former Delphi parent General Motors Co. through bankruptcy.

Delphi, which was GM's largest auto parts supplier, emerged from its own bankruptcy in October of that year.

 
 

 

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