August 09, 2012
Bipartisan Group of Senators, Representatives Request Additional Documents in Delphi Pension Investigation
Documents to Shed Light on Treasury, PBGC Role in Decision Which Slashed Pensions of 20,000 Salaried Workers
Washington, D.C. – Today, a bipartisan group of Senators and Representatives wrote to the Chairmen of the House and Senate’s committees with broad oversight of the federal government’s activities, seeking requests for additional documents in the ongoing investigation into the decision to slash the pensions of 20,000 Delphi Salaried Retirees during the bailout of General Motors. The group, led by Congressman Mike Turner (OH-3), includes, Sens. Rob Portman (OH), Roger Wicker (MS), and Thad Cochran (MS), as wells as Reps. Pat Tiberi (OH-12), Mike Kelly (PA-3), Steve Stivers (OH-15), Dan Burton (IN-5), Bill Johnson (OH-6), Paul Gosar (AZ-1), Marcy Kaptur (OH-9), and Gregg Harper (MS-3).
“I have met with these hard-working Ohioans who lost a significant portion of their pension benefits while other retirees from the same company received far better treatment. The idea that the administration played politics with their pensions is beyond disappointing, and it deserves answers," said Portman. “The administration's decisions have caused pain and loss to thousands of workers and their families as a result of their reduced benefits. This matter deserves continued scrutiny from Congress, and the administration must be called upon to account for its decisions.”
The letter comes as email correspondence between U.S. Treasury and PBGC officials revealed that the decision to slash salaried retiree pensions was made solely by Treasury, contrary to testimony provided by Congress. Already, the House Oversight and Government Reform Committee has held three hearings in the 112th Congress focusing on the issue of the Auto Bailout and the decision surrounding the Delphi pensions. In addition, the Special Inspector for the Troubled Asset Relief Program (SIGTARP) is actively pursuing an investigation.
“We are writing to request that the Committees which you chair submit additional requests for documents from the Department of the Treasury and the Pension Benefit Guaranty Corporation (PBGC) on matters pertaining to the unjust termination of Delphi Salaried Retiree pensions in the federal government’s bailout of General Motors,” wrote the bipartisan group of lawmakers to Chairmen Issa and Lieberman.
“Given the nature of the correspondence made public at the House Committee’s hearing on July 10, 2012, and in recent press reports, it is our hope that these additional requests will yield a thorough production from the Treasury and the PBGC. We believe that these requests will ensure that Congress is provided full and complete disclosure and that these agencies are held accountable to the American taxpayers,” added the lawmakers.
The pensions of Delphi Salaried Retirees were significantly reduced in the aftermath of the bailout, while their union counterparts were made whole. This decision of the Auto Task Force, Treasury, and the PBGC continues to affect roughly 20,000 current and future retirees across the nation.
NOTE: The full letter can be found here.