GAO Report Acknowledges Lack of Transparency and Unfair Treatment of Delphi Salaried Retirees

Press Release

Congressman Steve Austria (R-Beavercreek) released the following statement regarding today's release of the Government Accountability Office (GAO) report on the Delphi retirees' pensions:

"This most recent GAO report reiterates the unfair and inequitable treatment of Delphi salaried retirees during the GM bailout, which resulted in reduced pension, health and life insurance benefits," Congressman Austria said.

The report states that from U.S. Department of Treasury's initial discussions with the Pension Benefit Guaranty Corporation (PBGC) after GM's bankruptcy filing, Treasury assumed that the Delphi Salaried Plan would be terminated and GM would assume the hourly pension plans. Therefore, while Treasury worked to ensure that GM could assume the hourly, union plans and protect union retirees, no efforts were made to give equal consideration to the salaried retirees.

Congressman Austria is an active supporter of the Delphi salaried retirees in Congress. In a letter to Chairman Issa earlier this year, Congressman Austria requested a full Oversight and Government Reform Committee hearing on this issue. That hearing was held in Dayton in early November, which Congressman Austria attended. Congressman Austria also sent a letter earlier this year to the U.S. Department of Treasury to gain additional information on the pension issue. During the 111th Congress, Congressman Austria co-sponsored three legislative initiatives and co-authored a delegation letter on their behalf.

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