DELPHI HRLY-RATE EES PENSION PLAN (click here)
| Date of Plan Termination | July 31, 2009 |
| Date of PBGC Trusteeship | August 10, 2009 |
STATUS
Liability
4: PBGC has completed calculating pension benefits, subject to legal limits, owed to all participants and beneficiaries in the plan. We are now sending formal determinations of pension benefits to participants and beneficiaries.
The trusteeship started August 10, 2009.
The PBGC has applied its rules to the outcome of those without unions and are sending letters to those people. It is now when they can file lawsuits to challenge those decisions.
Non-union employees are on their own. They don't have anyone to mitigate for them. Their process will be ongoing and it will be a burden to the people involved, but, what do they expect?
Unions only represent their members and not others.
There are rules and standards GOVERNING this. It may be the non-union employees will receive less than they wanted, but, the short fall to the companies promise is due to the bankruptcy, not the government. If there were improprieties I am sure it will show up, but, to compare the outcome of non-employees to union members is comparing apples and oranges.
When PBGC takes over as statutory trustee of your plan, (click title to entry - thank you) we will send you a letter informing you that we are now responsible for paying your pension benefits.
PBGC reviews your plan's records to determine what benefits each person will receive.
We will continue paying you without interruption during our review. These payments, an estimate of the benefits that PBGC can pay under the insurance program, may be less than you were receiving from your plan but will be paid in the annuity form you chose at retirement....
...Please note that this may take two to three years from the date we take over as trustee of your plan....
