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

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If not stopped, retirees fear that the move could drastically cut the value ofyounger ex-whitr collar workers’ pensions by as much as 50 said James Frost of Clarence, a boarc member and organizer of the Delphi Salaried Retirere Association. The legal action is beinf spearheaded by 100 to 200 retirees in Ohio who belong tothe 5,400-member DSRA but who are acting on their own, Frost said. “We (the are serving as support by gatherinyg information and sharing it with all our members and by contactinbg legislators aroundthe country,” Frosgt said. “We are not starting our own (legal) actiom because it would duplicatw what theyare doing.
” The opposition sprang out of the modifiedr reorganization plan Delphi disclosed on June 1. The to emerge from Chapter 11 bankruptcy, said it woulrd cancel its pension obligations and have assumd thehourly workers’ pensions and the PBGC take over the salarie employees’ plan. Frost, who worked at GM for 25 yearsw and at Delphifor six, said hourlu workers’ pensions won’t be affected “ayt least in the short but salaried workers who retiresd at 55 could lose half the valude of theirs. “We want our pensions also to be transferred to he said. The suit woulxd charge Delphi, GM, the II and the U.S. Treasurgy with collusion againstthe retirees.
In the reorganization plan for Delphi, GM’s former parts operation, II LLC — a unit of Platinu Equity — would acquire and operatw Delphi’s U.S. and non-U.S. businessex by supplying $3.6 billion in capital.