PBGC

[JERRY165]

FYI,
Looks like those who ARE STILL working for "old Delphi" and didn't take the buyout WILL get the same pension benifits from the PBGC as those who took the buyout. In other words they can collect their pensions now while still working at Delphi.

If only we knew !

JERRY A.

[justthefactsmam]

Actually that would only be right. The pension is for the years that they worked at Delphi. The spinoff contract says that an employee could earn up to 7 more yrs. of their pension if they stay at Delphi in case of failure. The difference COULD be that current employees might NOT receive a pension top up as we will. Current employees are working under a different contract with a different company and do not have a defined pension plan but will receive only 401 under new co. from what I understand of the new company. If only everyone knew.......many would have stayed but the union officials said "check the box and leave". Its was a tough decision, but each person had to weight their own situation.

[JERRY165]

I agree it would only be right.
Jerry A.

[tooshoes]

The chance we take by taking our PBGC while we're still working is you lock yourself into that number, so if Gm stops the top off you'll get less than if you would have waited to collect. The interesting part is after the 7 year window we can collect our supplement & PBGC also since we will no longer be covered under the pension plan. That's not until 2015. That is what I'm waiting for if we're still here.

[lockport retiree]

March 13, 2010

Q. Is anyone collecting a PBGC pension AND still working?

A. No active hourly employee that we know of is doing this. The International Union has warned of potential negative consequences for "double dipping", getting the PBGC pension and continuing to punch the clock in the active workforce. We can not stress strongly enough the need to check with a benefit representative early and often before signing any retirement or pension documents. Please call 647-7840 or 647-7841 and make an appointment with a benefits rep. about any retirement and pension issues
This question was asked on the Rochester,NY Local 1097 website http://www.uawlocal1097.com/index.php?o ... &Itemid=71