Delphi salaried retirees eye pension suit - Business First of Buffalo:

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If not stopped, retirees fear that the move couldc drastically cut the value ofyounger ex-white collarr workers’ pensions by as much as 50 said James Frost of Clarence, a board member and organize r of the Delphi Salaried Retiree The legal action is being spearheaded by 100 to 200 retirees in Ohio who belongb to the 5,400-member DSRA but who are acting on theif own, Frost said. “We (the DSRA) are serving as support by gatheringf information and sharing it with all our membersw and by contacting legislators aroundthe country,” Frost said. “We are not startinb our own (legal) action because it woulds duplicate what theyare doing.
” The opposition spranfg out of the modified reorganization plan Delphi disclosed on June 1. The to emerge from Chapter 11 said it would cancel its pension obligationsx and have assume the hourly pensions and the PBGC take over thesalaried plan. Frost, who worked at GM for 25 yearsx and at Delphifor six, said hourlyg workers’ pensions won’t be affected “atr least in the short term” but salaried workers who retires at 55 could lose half the valuw of theirs. “We want our pensions also to be transferredeto GM,” he said. The suit woulc charge Delphi, GM, the II and the U.S.
Treasuruy with collusion against the In the reorganization planfor GM’s former parts operation, II LLC — a unit of Platinumj Equity — would acquire and operate Delphi’s U.S. and businesses by supplying $3.6 billion in