Re: invent my pension!
Re: invent my health insurance!
Re: invent my life insurance!
70,000 Delphi Packard Electric Union Retirees Nationwide, are on the verge of losing their health insurance and life insurance, and face significant cuts in their pension.
Delphi has proposed turning over the pensions of salaried retirees to the federal Pension Benefit Guaranty Corp., which insures pensions. Many retirees would see a pension reduction of between 30 percent and 70 percent because PBGC has limits to payouts.
U.S. Rep. Timothy J. Ryan, D-Niles, introduced legislation that would provide funding for a Voluntary Employees Beneficiary Association (VEBA) to help cover Delphi hourly and salaried employees and retirees that lost their health coverage through Delphi and GM's Chapter 11. The VEBA would cover hourly employees of the IUE-CWA, USW, IAM and other unions as well as Delphi salaried retirees who lost their coverage as a result of the bankruptcy.