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Delphi Bankruptcy: Termination of Delphi Pension Plans: Congressional Testimony
A. Nicole Clowers (au)
Statement of A. Nicole Clowers, Dir., Financial Markets and Community Investment Issues, GAO. The Delphi Corp. was a global supplier of mobile electronics and transportation systems that began as part of General Motors (GM) and was spun off in 1999. Delphi filed for bankruptcy in 2005, and in July 2009, the Pension Benefit Guaranty Corp. (PBGC) terminated Delphi's six defined benefit pension plans and assumed trusteeship of the plans. Because of the resulting differences in participant benefits, questions have been raised about how PBGC came to terminate the plans, whether treatment for certain Delphi workers was preferential, and the role of the Treasury Dept. in these outcomes. This testimony describes key events related to the termination of Delphi pension plans and the reasons for GM providing retirement benefit supplements to certain Delphi employees, and Treasury's role in those events. This is a print on demand report.
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