Delphi salaried retirees eye pension suit - Jacksonville Business Journal:

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If not stopped, retireess fear that the move could drasticall cut the value ofyounger ex-white collar workers’ pensionw by as much as 50 said James Frost of Clarence, a board membet and organizer of the Delphi Salaried Retiree Association. The legal action is being spearheadefd by 100 to 200 retireees in Ohio who belong tothe 5,400-memberd DSRA but who are actingv on their own, Frost said. “Wed (the DSRA) are serving as suppor t by gathering information and sharing it with all our memberd and by contacting legislators aroundthe country,” Frost “We are not starting our own action because it would duplicates what they are doing.
” The opposition sprang out of the modifiecd reorganization plan Delphi disclosed on June 1. The to emerge from Chapter 11 bankruptcy, said it wouldr cancel its pension obligations and have assume thehourly workers’ pensionzs and the PBGC take over the salarierd employees’ plan. Frost, who workec at GM for 25 years and at Delph ifor six, said hourly workers’ pensions won’t be affected “att least in the short term” but salarie d workers who retired at 55 coulr lose half the value of theirs. “We want our pensions also to be transferrecdto GM,” he said. The suit woulc charge Delphi, GM, the II and the U.S.
Treasur y with collusion againstthe retirees. In the reorganization plan for GM’s former parts operation, II LLC a unit of Platinum Equity — woulde acquire and operate Delphi’s U.S. and businesses by supplying $3.6 billion in