Posted on 02/24/2009 12:28:43 PM PST by arichtaxpayer
NEW YORK (AP) — A bankruptcy judge says Delphi can stop paying for health care and insurance benefits for its retired salaried workers. U.S. Bankruptcy Judge Robert Drain on Tuesday provisionally approved the auto supplier's request to cut off the benefits effective April 1. But he says the 15,000 affected retirees can form a committee to investigate if they have the right to negotiate with the company. The committee will present its findings at a March 11 hearing. Troy, Mich.-based Delphi Corp. has been operating under Chapter 11 bankruptcy protection since 2005. It says it needs to cut off the benefits as part of its restructuring. But attorneys for the retirees say the company is obligated to negotiate with the retirees before it cuts off their benefits. More than 1,600 retirees sent letters to the judge begging him to deny Delphi's motion.
(Excerpt) Read more at google.com ...
I should’ve added that you, your family, as well as your former co-workers will be in my prayers. I can only imagine the anger and frustration you must be feeling right now...
If it’s the salaried workers, they probably weren’t union.
Just working stiffs like many of us.
Note to self: Hit refresh before composing post.
I suspect that non-union employees are going to be victims in order to scare others into unionizing.
There was. Many people sent paperwork to the Judge that had the words “for life” in our benefit descriptions. For some reason, it’s only ‘binding’ if it’s a union agreement apparently.
It will be tough. Sure we have savings, but we figure it will cost us at least $600 for health and dental insurance. Throw an amount like that into an already tight budget.
Yes. The pension fund, if run by independent entity was a completely seperate investment vehicle that wasn’t invested primarly in the company stock. So if the company stock is wiped out, the pension fund should still be there.
With all the bankruptcies and seized companies recently, who gets nailed are the retirees who were receiving deferred compensation packages and healthcare benefits.
Many times, the compensation packages are wiped out instantly.
Unfortunately, what is not being talked about is what it costs the private US taxpayer and government worker in taxes to pay for all the goobermint retirees.......that’s a different system entirely...wonder if that judge would rule the same for the US to balance its goobermint spending?
Thanks. It’s very frustrating. We have about 8 years before Medicare kicks in. I really feel sorry for those who have had cancer or heart attacks, etc. How the heck will these people get insurance?
Yup...group insurnace can’t discriminate because of pre-existing conditions, but if you have a private policy they can—it’s because they can’t make enough money off of you.
Busy day
This has nailed me as well - retired salary.
Results of this termination = It will now take my entire monthly retirement check to replace what they have taken. I can’t do it.
Makes one wonder how much howling would take place if this were to happen to our politicians. The government is broke (bankrupt) as well.
Take the benefits they have earned see what happens.
Why doesn't anyone teach real economics?
“That means $15,000 a year for insurance - more than just your sides would hurt!”
Actually, it probably just means more folks who won’t be able to afford private insurance and will now be willing to accept socialized medicine. I’m sure there will be A WHOLE LOT MORE desperate folks will be willing to accept when the economy (intentionally) tanks...including setting our sovereignty aside and merging to a North American Union.
Free Trade NAFTA will kill you
most parts are from China now
So what is our solution for people like that? A bottle of aspirin and prayer?
What does a person in their 50s without insurance now do?
Pay out of pocket for doctors’ visits.
Only take prescriptions that are on the generic list at WalMart.
Look up health maintenance issues online and try to stay informed.
You can go to the emergency room if you end up with a stroke or a heart attack caused by a chronic condition that you haven’t been able to keep controlled. Then you can declare bankruptcy for the costs associated with that.
Something that requires expensive treatment like kidney disease or cancer... there really is nothing, unless you become impoverished, give up your home, and go on Medicaid.
What is the Conservative solution to this situation? I gather from discussion in other thread’s it’s to accept that no one else should have to pay for your misfortunes, and that the American system is the best in the world. So is the solution for all the sick Americans who can’t pay for their treatment to die?
>>Union or not, they kept their end of the bargin yet will get the shaft.<<
That’s what bankruptcy does. Creditors feel the same way.
Sorry to hear about that.
Imagine if you could have invested 100% of your SS benefits in the market. Even in a market that is tanking (like this one) you’d still be way ahead of your current retiree benefits from Uncle Sam.
Paging UAW lackeys...pick up the red F-U phone UAW lackeys.
Yes, but it's been done.
It's been done to someone else (for now), sure. But now it's been done.
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