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President Donald J. Trump is Taking Unprecedented Steps to Protect the Pensions of American Workers
| October 22, 2020
| White House
Posted on 10/23/2020 8:20:44 AM PDT by ransomnote
PROTECTING AMERICAN AUTOWORKERS: President Donald J. Trump is taking action to address the Obama administration’s decision to terminate the pension plans of non-union and salaried autoworkers of the Delphi Corporation.
- Today, President Trump issued a Presidential Memorandum directing his Administration to review the Obama administration’s decision to terminate the pension plans of Delphi Corporation’s non-union and salaried workers.
- When Delphi Corporation spun off from General Motors (GM) in 1999, its union workers received a deal from GM to protect their pensions, while non-unionized and salaried workers did not.
- After both companies went bankrupt, Delphi’s union pensions were fully protected while its non-union and salaried pensions were not.
- The non-union and salaried retirees have spent the last decade in legal and financial limbo as they challenged this decision in the Federal courts.
- The Memorandum calls for a thorough review of the decision to terminate, for additional transparency around the decision, and for information about the actions the Federal Government can take to remedy the situation, including potentially restoring the plan.
- President Trump is committed to protecting the pensions of hardworking Americans, regardless of union affiliation.
SAFEGUARDING AMERICAN PENSIONS: The President is also calling for a thorough review of the Pension Benefit Guaranty Corporation’s (PBGC) financial position.
- The PBGC serves as a vital safety net for millions of Americans with defined-benefit pension plans.
- In 2019, the Government Accountability Office included the PBGC’s Single-Employer and Multi-Employer Programs on its list of high-risk Government programs.
- The Multi-Employer Program is particularly vulnerable and is projected to become insolvent within the next five years.
- The President’s Memorandum directs the Secretaries of the Treasury, Commerce, and Labor to inform the President of steps that can be taken to strengthen these programs and provide financial certainty and security for millions of Americans.
PROTECTING THE AMERICAN AUTO INDUSTRY: President Trump has taken numerous actions to protect American auto jobs.
- President Trump is protecting the American automobile industry, its workforce, and is standing up for American innovation.
- The President signed the United States-Mexico-Canada Agreement, which includes game-changing new protections for American autoworkers.
- President Trump worked to significantly improve the United States-Korea Free Trade Agreement, securing key changes that benefit the American automobile industry.
- Last year, the President issued a Proclamation directing his Administration to pursue negotiations to protect the automobile industry and its vital role in our national security.
KEYWORDS: delphi; generalmotors; obama; pensions
Good news...for lots of people affected by pensions gone south, and whose employers didnt or couldnt fully fund the pensions before pension guarantee had to take over.
posted on 10/23/2020 8:38:16 AM PDT
(Wisdom is more valuable than gold and diamonds, and harder to find.)
The democrats want to steal your pensions, 401k and raise the social security age so you do not collect the money at all.
posted on 10/23/2020 9:07:47 AM PDT
(homeless guy. He just has more money....He the master will plant more cotton for the democrat party)
I do not believe that pensions are reasonably structured if the viability of the pension is linked to the business. I further believe that the individual retirement option is a better, more focused option.
So companies should be encouraged to contribute to their employee’s individual retirment choices. 401K, ROTH, IRA etc.
I further believe that if a pension plan is to be disolved, ther should be a legal path to convert the current value of the pension into the individual accounts.
So if an employee has 100K in pension, they should have that 100K moved over into a retirement account, adjusted for taxes.
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