What are Delphi pension plans?
Delphi’s six pension plans cover 70,000 workers and retirees. PBGC is paying, or will pay, pension benefits to those individuals up to limits set by federal law. In the near future, we will contact each person in the plans to let them know about the next steps.
How much does a Teamsters pension pay?
“My letter said, starting in a couple months, your pension will go from $3,000 a month down to $1,500,” said Greg Smith, who had put in 31 years as a freight Teamster.
Can you lose a pension plan?
Employers can end a pension plan through a process called “plan termination.” There are two ways an employer can terminate its pension plan. To do so, however, the employer must prove to a bankruptcy court or to PBGC that the employer cannot remain in business unless the plan is terminated.
When did GM stop offering pensions?
Current pension-eligible employees and those who retired since December 1, 2011, will be offered a lump-sum or monthly pension option at retirement payable by GM.
What happened to GM retirees benefits?
According to an article in the Star-Telegram, General Motors’ retirees will lose dental and vision coverage and be forced to pay higher healthcare co-payments starting in July due to the GM bankruptcy.
How much is a UPS driver pension?
But annual accrual has risen to the point that UPS Teamsters can retire at 30 years with approximately $4,000 per month. If you wait until 62 to retire, you get an extra $1,000 per month between the ages of 62 and 66, when full social security starts. 30-and-out at any age is $3,030. 35-and-out is $3,535.
How many years do pensions last?
Pension payments are made for the rest of your life, no matter how long you live, and can possibly continue after death with your spouse.
How did the Delphi pension plan affect retirees?
The Delphi Salaried Retirees Association sued the PBGC, which took over the employee pensions after Delphi declared bankruptcy. The move resulted in lower pension payments to retirees, some by as much as 70 percent. About 1,500 local salaried retirees were affected. The appeal raised several issues with the lower federal court’s ruling.
Is the PBGC paying additional benefits to Delphi retirees?
A: The PBGC is not aware of any agreement by GM to pay additional benefits to Delphi salaried plan retirees. Q: In 2008, GM took back some of the Delphi hourly plan. Some people who had been receiving a benefit from Delphi now receive their benefit from GM. What happens to them?
What did General Motors do with Delphi pension plan?
“As a result of bargaining at the time of the spin-off, General Motors Corporation did agree to top-up pension benefits for certain limited groups of hourly employees and retirees in the event that the Delphi hourly pension plan was terminated.
Is the Delphi salaried Retirees Association well funded?
Governor DeWine’s letter points out that Delphi salaried retirees “are just looking for fairness at the time the salaried workers plan was terminated by the PBGC, it was fairly well funded — in fact it was funded better than the average of the top 100 largest plans in America at that time.