PBGC Begins Notification on Pension Reduction
February 4, 2010
On February 2, 2010, the Pension Benefit Guaranty Corporation (PBGC) mailed letters to approximately half of IUE-CWA's retired members whose pension was surrendered by Delphi Corporation. The rest of the members should receive their letters in the first week of March.
The letters communicate the amount of pension that the PBGC will pay after any reductions that the PBGC may apply. This week General Motors will be following this communication with letters that will explain the process they will use to pay the "top up" amounts so that Delphi hourly retirees will continue to collect the same amount of pension pay that they have been receiving.
We are hoping that this transition will be as seamless as possible for our affected members.
