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Feds Take Control Of Delphi Pension Funds.pdf

OaklandPress7.23.2009.pdf
Preview of Feds take control of Delphi pension funds
🔗 Source: mainstaycapital.com
📊 Size: 29 KB
👤 Author: cbrown
⬇️ Downloads: 76

Summary

The federal Pension Benefit Guaranty Corp. will assume responsibility for Delphi Corp.'s pension plans, covering 70,000 active and retired employees, as the auto supplier cannot afford to maintain them and General Motors Corp. will not assume them. The takeover will reduce pensions of Delphi's salaried employees by 30-70%, while GM has a separate agreement to cover blue-collar workers' pensions. The PBGC will be responsible for $2.2 billion of the Delphi Salaried Pension Plan's underfunding and $4 billion of the Delphi Hourly Pension Plan's shortfall. GM has agreed to pay the PBGC $70 million and a portion of future distributions from the new company acquiring Delphi assets.

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Description

The federal Pension Benefit Guaranty Corp.

Technical Information

  • File Format: PDF
  • File Size: 29 KB
  • Pages: 1
  • Language: EN
  • Author: cbrown
  • Total Downloads: 76
  • Last Updated: 1 week ago

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