Congressman Dan Burton has signed on to a letter calling for congressional hearings that would look into the treatment of pension obligations of the Delphi Corporation.

As negotiations took place between General Motors, the Delphi Corporation and the Treasury Department's Automotive Task Force, they reached an agreement that called for General Motors to, according to the letter, "assume the pension obligations of Delphi's hourly retirees while leaving the salaried pension plans to the Pension Benefit Guaranty Corporation (PBGC), where pension payments for these workers are likely to be cut drastically, if not eliminated entirely."

The situation with the pensions has the Congressman very concerned, especially for the thousands of retirees who worked in the Delphi plant in his district in Kokomo. Representative Burton has already joined many of his congressional colleagues in asking Treasury Secretary Timothy Geithner to direct the Auto Task Force to make public all the documents concerning how the decision to affect the pension plans in these ways were reached.

Below you will find a copy of the "Dear Colleague" letter requesting these hearings take place before July 23rd.

Show a United Front for Delphi Retirees

From: The Honorable Christopher J. Lee

Show a United Front for Delphi Retirees

Sign Letter Requesting Congressional Hearings into Delphi Pension
Decision

Dear Colleague:

Please join me in requesting immediate congressional hearings to examine the treatment of Delphi Corporation's pension obligations, specifically the decision that resulted in inequitable outcomes for hourly and salaried retirees.

As you know, as a result of its agreement with the Treasury Department's Automotive Task Force, General Motors will assume the pension obligations of Delphi's hourly retirees while leaving the salaried pension plans to the Pension Benefit Guaranty Corporation (PBGC), where pension payments for these workers are likely to be cut drastically, if not eliminated entirely.

Many Members of Congress and Senators have written separately to the Administration and to GM to seek fairness and equity for all Delphi retirees, and others have written to seek basic answers to how this decision was made. Yet I believe it is critical for all Members of Congress who have sought answers to come together in one place and show a bipartisan and united front for Delphi's auto retirees.

For this reason, I am seeking bipartisan support for the attached letter requesting immediate congressional hearings into the decision to default Delphi's salaried retiree pension obligations to the PBGC. I believe that Congress has a responsibility to exercise its oversight authority to examine this decision, which has left more than 15,000 retirees and their families across the country searching for answers in these difficult economic times.

Deadline to sign is Friday, July 10th at 12:00 noon. Time is of the essence, as a federal bankruptcy judge could approve the default of salaried pensions to the PBGC on July 23. If you have any questions or need additional information, please contact Elizabeth Mortenson in my office at 5-5265 or elizabeth.mortenson@mail.house.gov.

Sincerely,


CHRISTOPHER J. LEE


Member of Congress