What benefits did the Delphi Salaried Plan provide? - Salaried Video Transcript
First, let's take a look at the benefits in your plan. The Delphi Salaried Retirement Program offered two different kinds of retirement benefits depending on when you were hired. If you were hired before January 1, 2001, you are receiving a Part A benefit which is a traditional retirement benefit based on years of service and a benefit rate.
You may also be receiving a Part B benefit if you made employee contributions. If you were first hired or rehired on or after January 1, 2001, you're receiving a Part C benefit, or Cash Balance benefit.
The examples in this section of the video address only the traditional type retirement benefits, in other words, the Part A and Part B benefits.
If you are receiving only a Part C benefit, you will probably continue to receive the same benefit from PBGC as you did before your plan terminated.
Your plan offered several different retirement types based on your years of service and your age when you stopped working.
There is 30 Year Retirement, for those with at least 30 years of service; and Rule-of-85 for those at least age 55 and whose age plus years of service total 85 or more.
These retirement types provide 3 retirement benefits: The Part A Basic Benefit, the Part A Supplement payable until age 62 and 1 month, and the Part B benefit if you made employee contributions to your plan. Note that for the 30 Year Retirement, this supplement is called the "Early Retirement Supplement." For the Rule-of-85 Retirement, it is called the "Interim Supplement".
The Part B benefit consists of two parts - the Part B Primary and the Part B Supplementary. However, when we refer to the Part B benefit, we are talking about both parts together.
Your plan also offered Voluntary 60 & 10 Retirement for those who worked until age 60 and had at least 10 years of service. This retirement type provides 3 retirement benefits: The Part A Basic Benefit, the Part A supplement called the "Interim Supplement" payable until age 62 and 1 month, and the Part B benefit if you made contributions to the plan.
If after 10 years of service the company determined you were totally and permanently disabled, the plan offered a Total and Permanent Disability Retirement, or T&PD.
This retirement type provides 3 retirement benefits: The Part A Basic Benefit, the Part A supplement called the "Temporary Supplement" payable until age 62 and 1 month. And the Part B benefit if you made contributions to your plan. Note that the supplement is reduced if you start receiving disability payments from Social Security.
Your plan also offered three types of retirement that do not include any supplement: Normal Retirement, 55 and 10 Retirement, and Deferred Vested Retirement.
Normal Retirement applies if you worked until age 65. 55 and 10 Retirement applies if you retired after age 55 but before age 60 and have 10 years of service. Deferred Vested Retirement applies if you completed at least 5 years of service and aren't eligible for any of the other types of retirement.