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This page has not been translated. Please go to PBGC.gov's Spanish home page for more information available in Spanish.
Esta página no ha sido traducida. Por favor vaya a la página principal del sitio de español de PBGC para ver información disponible en español.
(November update below; October report and Background further below)
Delphi Retirement Program for Salaried Employees
(Delphi Salaried Plan)
Processing Update: November 26, 2014
Date of Plan Termination: | July 31, 2009 |
Date of PBGC Trusteeship: | August 10, 2009 |
Participants: | 20,187 |
During November 2014, PBGC has:
As of October 2014, PBGC had:
Background
PBGC terminated six (6) defined benefit pension plans sponsored by the former Delphi Corporation on July 31, 2009, when the former auto parts manufacturer liquidated in bankruptcy. This is the second largest termination since Congress created PBGC in 1974.
When PBGC took over as trustee of the Delphi Salaried Plan, the first priority was to ensure that monthly benefits being paid to nearly 8,000 retirees and beneficiaries continued without interruption. As of October 2014, PBGC is making payments to over 1,500 additional Delphi Salaried Plan retirees and beneficiaries who have retired since plan termination, and the agency continues to process new applications for benefits from participants who are eligible and apply.
Immediately following trusteeship, PBGC began collecting plan records, securing plan assets, and undertaking the analysis necessary to make estimated payments and ultimately prepare final benefit determinations. In order to make such final benefit determinations, PBGC must ascertain values for plan assets and amounts recovered from bankruptcy proceedings. The complexities and unique circumstances associated with the hard-to-value assets of the Delphi Salaried Plan have presented some challenges. PBGC's rigorous review procedures and extensive valuation process ensure that all plan assets and recoveries are fully accounted for in determining final benefits of participants and beneficiaries.
All payments received from PBGC are estimates until the agency makes final benefit determinations. PBGC expects to issue final benefit determinations for the Delphi Salaried Plan starting October 2015. Of course, any participant/beneficiary has the right to appeal PBGC's final benefit determination.
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