WASHINGTON, D.C. – Today Congressman Steve Austria (R-Beavercreek) released the following statement regarding the U.S. House of Representatives’ Oversight and Government Reform Committee field hearing in Dayton on the Delphi retirees’ pensions:

“Earlier this year, I asked Chairman Issa to hold a full committee hearing to further investigate the Delphi retirees’ pensions. Today that hearing was held in Dayton and was an opportunity for Delphi retirees to have their voices heard regarding the administration’s inequitable treatment of the Delphi retirees compared to union retirees and the devastating impact it has had on their pensions, families, and community.

“Now that today’s hearing is over, we must continue to work to find a solution. Several good ideas were mentioned in today’s hearing as possible remedies, including fully examining the methods used by PBGC (Pension Benefit Guaranty Corporation) to calculate the pension assets, liabilities, and the total funds needed from PBGC. Both prior to the termination of the salaried pension plans and afterwards, independent actuaries found that the PBGC calculations were not accurate. As a result, PBGC placed Delphi retirees in a partially funded pension plan which resulted in the retirees losing 30 to 70 percent of their pension. PBGC should re-evaluate these calculations and other payments, based on the $2.1 billion in PBGC funds, $2.4 billion in Delphi assets, and over $500 million in additional payments made by Delphi’s new owners. Based on these calculations, Delphi retirees would have fully funded pension plans with full pensions. These are pensions that the Delphi retirees worked for their entire careers for and they should not lose them because of political favoritism by the administration.

“This remains an important issue both for the retirees, the Miami Valley, and our nation. As a Member of Congress, I will continue my work to help the retirees.”

Last week, Congressman Austria met with members of the Delphi Salaried Retirees Association to discuss recent developments in their pursuit to receive equitable retirement benefits as a result of the GM bailout. After the meeting, the Congressman reiterated his support to find a solution for the retirees.

Congressman Austria is an active supporter of the Delphi salaried retirees in Congress. In addition to his letter to Chairman Issa, earlier this year Congressman Austria also sent a letter to the U.S. Treasury to gain additional information on the pension issue. During the 111th Congress, Congressman Austria co-sponsored three legislative initiatives and co-authored a delegation letter on their behalf.

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