Rep. Tim Ryan Asks Treasury Department and PBGC to Release Documents Relating to Delphi Salaried Employees Pension Terminations

FOR IMMEDIATE RELEASE
AUGUST 13, 2012
Contact: Press Office
202-225-5261 
ryan.press@mail.house.gov

Rep. Tim Ryan Asks Treasury Department and PBGC to Release Documents Relating to

Delphi Salaried Employees Pension Terminations

Washington – On Friday, August 10, 2012, Congressman Tim Ryan (D-Niles)sent letters to the Treasury Department and the Pension Benefit Guaranty Corporation (PBGC) asking them to provide the House Committee on Oversight and Government Reform with more documentation on the decision-making process that led to the termination of pension benefits for the salaried employees of the Delphi Corporation. The text of the letters is below.

Letter to Treasury Secretary Timothy Geithner:

August 9, 2012

The Honorable Timothy Geithner

Secretary of the Treasury

1500 Pennsylvania Avenue, NW, Room 3330

Washington, DC 20220

Dear Secretary Geithner:

I write to request that you provide the Committee on Oversight and Government Reform additional documents and full transparency from Treasury on matters pertaining to the termination of Delphi Salaried Retiree pensions in the federal government’s auto rescue plan of General Motors.

As you are aware, the pensions of Delphi Salaried Retirees were significantly reduced in the aftermath of the auto rescue, even though a significant amount of those retirees spent the majority of their careers under the General Motors corporate umbrella.  These retirees devoted their lives to General Motors and spent those years properly planning for their retirement years so they could enjoy the fruits of their labor.  While I fully agree with the administration’s decision to save the auto industry and millions of jobs, the consequence of such determinations made by the Auto Task Force, Treasury Department, and Pension Benefit Guaranty Corporation continues to affect roughly 20,000 current and future Delphi salaried retirees across the nation.   

The Committee on Oversight and Government Reform’s hearing on July 10, 2012 shed some light on the issues at hand but I believe more documents will yield a more comprehensive explanation of how these events unfolded.  I believe that these requests will ensure that Congress is provided full and complete disclosure, which is the hallmark of this great nation.

Thank you for your continued dedication to this issue, and for Treasury’s ongoing efforts on this important matter.

Sincerely,

Tim Ryan

Member of Congress

Letter to Pension Benefit Guaranty Corporation:

August 9, 2012

Mr. Joshua Gotbaum

Director

Pension Benefit Guaranty Corporation

1200 K Street

Washington, DC 20005

Dear Mr. Gotbaum:

I write to request that you provide the Committee on Oversight and Government Reform additional documents and full transparency from the Pension Benefit Guaranty Corporation (PBGC) on matters pertaining to the termination of Delphi Salaried Retiree pensions in the federal government’s auto rescue plan of General Motors.

As you are aware, the pensions of Delphi Salaried Retirees were significantly reduced in the aftermath of the auto rescue, even though a significant amount of those retirees spent the majority of their careers under the General Motors corporate umbrella.  These retirees devoted their lives to General Motors and spent those years properly planning for their retirement years so they could enjoy the fruits of their labor.  While I fully agree with the administration’s decision to save the auto industry and millions of jobs, the consequence of such determinations made by the Auto Task Force, Treasury Department, and Pension Benefit Guaranty Corporation continues to affect roughly 20,000 current and future Delphi salaried retirees across the nation.   

The Committee on Oversight and Government Reform’s hearing on July 10, 2012 shed some light on the issues at hand but I believe more documents will yield a more comprehensive explanation of how these events unfolded.  I believe that these requests will ensure that Congress is provided full and complete disclosure, which is the hallmark of this great nation.

Thank you for your continued dedication to this issue, and for PBGC’s ongoing efforts on this important matter.

Sincerely,

Tim Ryan

Member of Congress