U.S. Government Wrongfully Terminated Delphi Salaried Retirement Plan in 2009
- Details
- Last Updated: Wednesday, 19 February 2025 16:20
- Published: Tuesday, 10 September 2024 12:30
BACKGROUND: Delphi Corporation was the largest parts supplier to General Motors (GM) in 2009 when the Obama Administration created an Auto Team to save the U.S. auto industry during the Great Recession. Leading GM through an unprecedented 40-day bankruptcy, the Auto Team decided that Delphi’s traditionally well-funded salaried pension plan should be terminated while hourly pension plans should be saved. But the Auto Team’s mission clashed with the mission that Congress gave to the PBGC.