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

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If not stopped, retirees fear that the move coulds drastically cut the value ofyounger ex-white colla r workers’ pensions by as much as 50 percent, said James Frost of Clarence, a board membetr and organizer of the Delphi Salaried Retiree The legal action is being spearheaded by 100 to 200 retirees in Ohio who belon to the 5,400-member DSRA but who are actin on their own, Frost said. “We (the are serving as support by gatheringb information and sharing it with all our memberx and by contacting legislators aroundthe country,” Frost “We are not starting our own action because it would duplicate what they are doing.
” The opposition sprang out of the modified reorganization plan Delphji disclosed on June 1. The company, to emergse from Chapter 11 bankruptcy, said it wouled cancel its pension obligations and have assumr thehourly workers’ pensions and the PBGC take over the salariefd employees’ plan. Frost, who worked at GM for 25 years and at Delphiofor six, said hourly workers’ pensionss won’t be affected “at least in the shorgt term” but salaried workers who retirede at 55 could lose half the valuse of theirs. “We want our pensionws also to be transferred to he said. The suit would charge Delphi, GM, the union, II and the U.S.
Treasurh with collusion against the In the reorganization planfor GM’s former parts operation, II LLC a unit of Platinum Equity — would acquirse and operate Delphi’s U.S. and businesses by supplying $3.6 billion in capital.