Brought to you by WBIW News and Network Indiana
Last updated on Thursday, November 19, 2009
(CARMEL, IN) - White Collar retirees are suing to recover the pensions they were promised by Delphi Electronics, claiming they were short-changed in the federal government’s bailout of the auto industry.
The Delphi Salaried Retiree Association, founded in Carmel, is taking the case to federal court in Michigan.
The group says thousands of retired workers have been denied the benefits they were promised by Delphi Executives when the company filed for bankruptcy four years ago.
Unlike hourly workers, they do not have the protection of union contracts.
When Delphi emerged from chapter 11, their underfunded pensions were placed in the hands of the pension benefit guaranty corporation.
That federal agency has offered no explanation for payouts that are as much as 40% less than expected and no comment on the retirees' lawsuit.
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