Trump orders cabinet to review Delphi retirees’ pension problems

Local News

More than 20,000 retirees have been fighting for their pension since 2009

warren delphi plant_308025

WASHINGTON, D.C. (WKBN) – President Donald Trump is directing his cabinet to come up with a plan to restore Delphi retirees’ pensions.

President Trump signed a presidential memorandum directing his cabinet to come back within 90 days with recommendations that provide a remedy.

More than 20,000 retirees have been fighting for their pension since 2009. It started when the Pension Benefit Guaranty Corporation (PBGC) made the decision to take over more than $6.2 billion in new liabilities as the trustee of six Delphi pension plans.

Retirees claim PBGC improperly terminated the plans through an agreement with Delphi and General Motors following Delphi’s 2005 bankruptcy filing.

Trump’s directive includes a remedy that will have a 180-day implementation period. Remedies may include legislative or administrative options.

“Today, President Trump is taking action to finally help these hard-working people who were robbed by the Obama-Biden Administration,” said Congressman Mike Turner (OH-10)“For 11 long years, I have been at the forefront of helping the Delphi Salaried Retirees fight to retain their pensions, which they earned through years of faithful service. President Trump is proving yet again that he supports American workers.”

More headlines from WKBN.com:

Copyright 2020 Nexstar Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

Trending on WKBN.com