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Delphi pension recipients face changes

Wednesday, July 22, 2009

Delphi pension recipients face changes

David Shepardson / Detroit News Washington Bureau

The 70,000 Delphi workers and retirees covered by its pension plans will face a new world after the government’s insurer of pensions — the Pension Benefit Guaranty Corp. — takes over responsibility for the pension plans. Here’s what recipients can expect:

• Within a few months, the PBGC will send a welcome packet to Delphi pension plan participants.

• In the meantime, frequently asked questions and an introductory video can be found on the auto sector page at PBGC.gov.

• Within six months or so of the date the PBGC becomes trustee, plan participants will get a preliminary calculation of how much their benefits — if any — will be reduced

• Within about three years, Delphi recipients will get a final calculation of their benefits and will learn whether they have to repay any benefits to the government’s insurer.

• The PBGC is seeking to set a termination date of July 22 for the plans, which means after that date current employees won’t accrue any additional years of service.

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