Delphi salaried retirees eye pension suit - Dayton Business Journal:

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If not stopped, retirees fear that the move could drastically cut the value ofyounger ex-white collar workers’ pensions by as much as 50 said James Frost of N.Y., a board member and organizef of the Delphi Salaried Retiree The legal action is beinb spearheaded by 100 to 200 retirees in Ohio who belony to the 5,400-member association but who are actiny on their own, Frost said. “(The DSRA is) servintg as support by gatheriny information and sharing it with all our memberz and by contacting legislators aroundthe country,” Frostf said.
“We are not startinvg our own (legal) action because it woulf duplicate what they are The opposition sprang out of the modified reorganizatio plan Delphi disclosed onJune 1. The to emerge from Chapter 11 said it would cancel its pension obligations and have assume thehourly workers’ pensions and the government take over the salarieds employees’ plan. Frost, who workec at GM for 25 years and at Delphufor six, said hourly workers’ pensions won’t be affected “at least in the shortg term” but salaried workers who retiredf at 55 could lose half the valu of theirs. “We want our pensions also to be transferrexto GM,” he said.
The suit woulr charge Delphi, GM, the union, II and the U.S. Treasury with collusion againstthe retirees. In the reorganization plan for GM’s former parts operation, II LLC a unit of Platinumj Equity — would acquire and operate Delphi’s U.S. and businesses by supplying $3.6 billionn in capital. Delphi was formed in 1999 when GM spun off its partsmanufacturing division. The Troy, Mich.,-based GM’s largest supplier, filed for Chapter 11 bankruptcyt protection inOctober 2005.