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Dear Editor:
Is your retirement secure? Overreach by the federal government decimated the retirement plans of over 20,000 employees nationwide.
When General Motors filed for bankruptcy in 2009, the United Auto Workers were protected by contract that any loss of benefits was a ‘strikable’ violation. In 2009, the overall economy was on a slippery slope, and a nationwide GM strike could have resulted in a United States economic depression. An ad hoc federal government Auto Task Team was formed to oversee the bankruptcy. The result: the UAW kept 100 percent of their pensions and full health care. However, the Delphi salaried, non-union employees lost 100 percent of their health care, 100 percent of their life insurance, and as much as 70 percent of their pensions. For the nation, this impacts more than 20,000, and for Indiana over 4,000 retirees, plus their families.
In 1974, the Employee Retirement Income Security Act of 1974 (ERISA) was signed into law to protect retirees; however, the calculation of the fair market value of the salaried pension funds was not followed. Additionally, the Pension Benefit Guaranty Corporation (PBGC), a United States federally-chartered corporation, in 2023 revised the method to calculate the pension assets but will not recalculate the Delphi Salaried Pension assets. When following the correct methods, the Delphi Salaried Pension Plan was completely funded.
Since 2009, the Delphi Salaried have been fighting to get their retirements restored. There is legislation named after Susan Muffley to restore pensions. Her husband, David, worked at Delphi as an electronics technician for 31 years, but lost the full value of his pension in 2009. Despite health problems, Susan avoided seeing her doctor given her family’s financial constraints due to losing their pension. She was ultimately diagnosed with pancreatic cancer and passed away on Aug. 9, 2012.
This is NOT a bailout of any sort. It is instead a Congressional act to restore pensions that were wrongfully removed by the federal government in the “heat of the moment” to prevent a national shutdown.
I want to give an expression of sincere gratitude to our current senators Mike Braun and Todd Young for actively showing support for the bipartisan Susan Muffley Act. Congressman Jim Banks – currently running for the Senate as a Republican – has not shown any support for the Susan Muffley Act. This is currently on hold in the House Committee on Education and the Workforce, of which Banks is a member.
From the House side, there is active support from Victoria Spartz (Co-Sponsor and Champion), Jim Baird (Co-Sponsor), Frank Mrvan (Co-Sponsor), Erin Houchin, and Rudy Yakym. The remaining Representatives are non-committal including Jim Banks, Greg Pence, Andre Carson, and Larry Buchon. There are other bipartisan Senators and House Representatives around the nation that are supportive of the Susan Muffley legislation.
For those of you that are not Delphi Retirees, ask yourself: could something like this happen to my health care, my life insurance, my matching 401 funds, other pension funds or benefits?
When voting, vote for the people who value fairness for all workers.
Mike Berry
Cicero