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Thu Oct 22, 2020, 03:32 PM

Pensions of Delphi Corp. Retirees and Other Retirees Covered by Vulnerable Pension Plans; 10-22-2020

PRESIDENTIAL MEMORANDA

Memorandum from the President on Pensions of Delphi Corporation Retirees and Other Retirees Covered by Vulnerable Pension Plans

ECONOMY & JOBS

Issued on: October 22, 2020

MEMORANDUM FOR THE SECRETARY OF THE TREASURY
THE SECRETARY OF COMMERCE
THE SECRETARY OF LABOR
SUBJECT: Pensions of Delphi Corporation Retirees and Other
Retirees Covered by Vulnerable Pension Plans

By the authority vested in me as President by the Constitution and the laws of the United States of America, it is hereby ordered as follows:

Section 1. Purpose and Policy. (a) For years, Delphi Corporation was a fixture in the United States automobile manufacturing industry. The company supplied American car makers with automobile parts ranging from air bags to steering wheels. Tens of thousands of Americans made their careers at Delphi, and, through their work, helped to establish America as the world’s preeminent producer of automobiles.

After Delphi went bankrupt, thousands of salaried and non-unionized Delphi workers, through no fault of their own, had their pension plan terminated, upon which trusteeship was transferred to the Pension Benefit Guaranty Corporation (PBGC) for administration, consistent with statutory limits. These workers’ unionized colleagues were able to keep their full pensions through a deal with General Motors. A group of salaried and non-unionized Delphi retirees who did not benefit from their unionized colleagues’ deal with General Motors have spent the last decade in legal and financial limbo as they challenged the termination of their pension plan in the Federal courts. That litigation remains ongoing, and the Court of Appeals for the Sixth Circuit recently affirmed the district court’s grant of summary judgment against the retirees.

The previous Administration failed to fully protect the pensions of Delphi’s salaried and non-unionized workforce, despite that Administration’s substantial influence over General Motors’ bankruptcy proceedings. Its actions in this regard are yet another example of how it failed American workers. By contrast, the plight of Delphi’s salaried and non-unionized workforce is of great concern to my Administration, which is committed to protecting all American workers.

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