|
Delphi gives up pension plans to PBGC
Delphi gives up pension plans to PBGC
Posted Tuesday, Aug 11, 2009, 1:46 pm in Employee News
Delphi Corp. signed over its pension plans to the Pension Benefit Guaranty Corp., clearing the way for an immediate takeover of the plans by the government’s insurer, The Detroit News reported.
The move by Delphi short-circuits an effort by Delphi’s salaried retirees to fight the takeover, the paper said. On July 22, the PBGC filed six lawsuits in U.S. district courts across the country, seeking permission to assume pension plans covering 70,000 retirees and employees of the Troy, Mich.-based auto supplier, the News said.
The takeover will cost an estimated $6.25 billion, the paper reported. Spokesman Jeffrey Speicher said the PBGC withdrew its lawsuits and took over the pension plans of the bankrupt company, effective Monday, the story said. (The Detroit News)
__________________
Rick
Nitro Year: 2007 (1 of 113,000 sold)
Nitro Model: R/T 4X4 Stone White
CAT-BACK Exhaust, CAI, Projector Head Lamps
Fully-Equipped w/all factory options
|
Linear Mode
