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Government to cover Delphi pensions

Posted Wednesday, Jul 22, 2009, 11:18 am in Employee News

The U.S. government’s Pension Benefit Guaranty Corp (PBGC) is taking over the pension plans for 70,000 current and future hourly and salaried retirees at Delphi. The Detroit Free Press story says it’s because the government feels the supplier can’t afford to keep its pension plans.

The agency will take over six Delphi pension plans that together have an $8 billion shortfall. The PBGC said in a statement that the process of taking over the pension could take several months. (The Detroit Free Press)
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