Written by Michael Rivezzo
Retirees from Delphi testified in front of a Senate committee this week about abrupt cuts that were made to their pensions following Delphi filing for Chapter 11 bankruptcy in October 2005. Majority of the 20,000 retirees from Delphi stand to lose 30 to 70 percent of their pension. Senators were outraged because GM retirees managed to work out agreements to retain 100% of their pensions during GM's government-led bankruptcy; and GM is the parent company of Delphi.
"It's a wonderful thing that we live in a country where we can petition our government for redress of grievances" said Bruce Gump, a engineer who worked with Delphi for 33 years. The reduction in pensions will most likely put many workers just below federal poverty levels. Gump is pleading with the committee to show fair treatment to all auto workers, with obvious preferential treatment shown to GM workers.
They plan on meeting with the House of Representatives committee in the next few weeks. Hopefully, this situation can be resolved with retirees having a better idea of what they expect to receive in the future.
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