U.S. House Votes to Restore Delphi Corp Salaried Pensions
The U.S. House of Representatives on Wednesday voted 254-175 to pass legislation that would restore the pensions of 20,000 salaried retirees of Delphi Corp., of which more than 5,000 live in Ohio.
It’s the brightest sign yet for those workers whose pensions were assumed by the Pension Benefit Guaranty Corp. in 2009 when General Motors was steered through bankruptcy by the Obama Administration.
The measure now moves to the U.S. Senate, which may take up the bill as early as today.
Under the PBGC, Delphi retirees saw their pensions slashed, in some cases as much as 70%. General Motors nevertheless agreed to cover the pensions of hourly workers.
Under the Susan Muffley Act, the U.S. Treasury Department would retroactively make up the difference between what the PBGC covered and what was owed to salaried pensioners.
U.S. Rep. Tim Ryan of Ohio, D-13, presided over the bill’s vote, which he co-sponsored with U.S. Reps. Dan Kildee, D-5, of Michigan, and Mike Turner, R-10, of Ohio.
Kildee said that of the 37 co-sponsors, 17 are Republicans, emphasizing the bill’s bipartisan nature.
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