Rep. Spartz introduces Delphi Retirees Pension Restoration Act

Spartz

Congresswoman Victoria Spartz (R-Ind.-05), along with 13 of her House colleagues introduced on Thursday bipartisan legislation to fully restore retirement benefits of the Delphi retirees.

In 2009, over 20,000 salaried employees lost their full benefits due to the auto industry collapse and Delphi’s bankruptcy. In July 2009 a formerly fully funded pension plan was dissolved, and all assets were transferred to the Pension Benefits Guarantee Corporation (PBGC). Due to the Great Recession and crash of the financial markets, the fair market value of the assets at the time was not sufficient to cover pension liabilities and retiree benefits were reduced.

The bill uses the appreciated assets formerly owned by the Delphi Salaried Pension Plan and currently held by the PBGC to restore benefits with no fiscal impact to the federal budget.

“This bill restores retirement benefits for thousands of hard-working Americans wronged by the politics of an auto-industry bailout in 2009 with no fiscal impact to the taxpayers,” Rep. Spartz said. “This issue has not been resolved for too long, and I appreciate the bipartisan support to finally bring justice for so many people around the country.”

Click here to see a chart for the asset value, and you can the full text of the bill at this link.