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Hochul urges meeting with Delphi retirees to restore benefits

by jmaloni
Tue, Aug 21st 2012 09:35 am

Press release

Rep. Kathy Hochul, NY-26, along with Sen. Chuck Schumer (D-NY), Sen. Kirsten Gillibrand (D- NY), Sen. Debbie Stabenow (D-MI), Sen. Sherrod Brown (D-OH), Rep. Louise Slaughter (NY-28), and Rep. Brain Higgins (NY-27), sent a letter Monday to Joshua Gotbaum, director of the Pension Benefit Guaranty Corp., pressing him and the agency to meet with the Delphi salaried retirees. The delegation is requesting the meeting to facilitate a resolution to restore earned benefits denied to 20,000 individuals.

"I've heard from many of the salaried Delphi retirees in Western New York who lost their life insurance, their health care, and up to 70 percent of their pensions following Delphi's separation from General Motors and subsequent bankruptcy. This is simply unacceptable, but I am hopeful that the PBGC will be able to help find a solution," Hochul said.

Last month, Hochul met with the Assistant Secretary of the Treasury for Financial Stability Timothy Massad, who oversees the Troubled Asset Relief Program, about the need to restore benefits to salaried retirees of the former Delphi Corporation.

Hochul has also written letters to President Obama, the Secretary of the Treasury, the Secretary of Labor, and General Motors requesting the restoration of benefits for the Delphi salaried retirees. She is also a cosponsor of H.R. 4232, the Restore FOIA Act, bipartisan legislation that would require the Treasury and other agencies administering TARP to increase public access to federal documents. In June, Hochul spoke on behalf of the Delphi salaried retirees on the House floor; her speech can be viewed here.

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