Formerly About Advanced Micro Devices Message Board

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Politics : Formerly About Advanced Micro Devices

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To: FJB who wrote (587076)	9/23/2010 4:06:25 AM
From: Don Hurst	of 1575761

Fubho, this Malkin article you posted on PfP about the Delphi Salary Pension issue is typical of her BS Message 26841675 See this article of Sept 15 describing the pension issue and controversy... nytimes.com From the article... >>" Jeffrey Speicher, a spokesman for the Pension Benefit Guaranty Corporation, said it had applied the insurance rules evenhandedly. He said the top-ups were being paid by G.M.’s pension fund under an agreement G.M. struck with the United Automobile Workers in 1999. G.M. was spinning off Delphi as an independent company, and in response to union concerns about a shortfall in their pension fund, G.M. promised to make Delphi hourly workers whole if Delphi’s pension plan ever failed in bankruptcy. The white-collar workers did not get such a commitment from G.M. because their pension plan was fully funded at the time and a failure seemed unlikely. But shortly after the spinoff, the white-collar plan had big losses from which it never recovered. Delphi sought protection in Chapter 11 in part to avoid replacing the lost money.. "<< Note that the UAW was smart enough to make sure their Delphi members pensions were still protected by GM in 1999 and the Delphi Salary workers were not. They were subject to the failures of Delphi management which led to Delphi bankruptcy and the vagaries of the stock market which was a disaster for the Salary Pension Plan in 2000+. When the GM issues happened in 2008, the UAW had leverage with respect to the GM bailout for their Delphi members because of the 1999 GM commitment and they used it and the Delphi Salary guys did not have any since they had totally left GM in 1999 without any protection and could only go to the PBGC. They got screwed but not by anything the government did.

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