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U.S. Rep. Dan Kildee is introducing legislation that would restore full pensions for salaried workers at the auto supplier formerly based in Troy. Delphi retirees' fix could cost $1 billion, Biden ...
Jul. 13—U.S. Senators Mike Braun, R-Indiana, and Sherrod Brown, D-Ohio, on Wednesday introduced the Susan Muffley Act, a bipartisan legislation to restore retirement benefits to over 20,000 ...
The salaried retirees, who saw their pensions slashed in 2009, could see them finally restored if the Senate passes the bipartisan bill At last, Delphi retirees see chance to have pensions ...
In 2009, as a result of its bankruptcy agreement, "Delphi surrendered its pension obligations to the Pension Benefit Guaranty Corporation." A group of about 20,000 salaried employees, principally in Ohio , Michigan , New York and Indiana , have been involved in litigation since then seeking restoration of their full pension rights.
GM filed for Chapter 11 reorganization in the Manhattan New York federal bankruptcy court on June 1, 2009, at approximately 8:00 am EDT. June 1, 2009, was the deadline to supply an acceptable viability plan to the U.S. Treasury. The filing reported US$82.29 billion in assets and US$172.81 billion in debt. [6][7][8][9][10] After the Chapter 11 ...
Pensions in the United States. Average balances of retirement accounts, for households having such accounts, exceed median net worth across all age groups. For those 65 and over, 11.6% of retirement accounts have balances of at least $1 million, more than twice that of the $407,581 average (shown). Those 65 and over have a median net worth of ...
The rally is planned as a "call to action" for the U.S. Senate to support legislation that restores the full pensions of Delphi salaried retirees, organizers said. Last month, a bill, the Susan ...
Retirement plans are classified as either defined benefit plans or defined contribution plans, depending on how benefits are determined.. In a defined benefit (or pension) plan, benefits are calculated using a fixed formula that typically factors in final pay and service with an employer, and payments are made from a trust fund specifically dedicated to the plan.