MIAMI VALLEY, Ohio (WDTN) — Delphi Salaried Retirees’ pensions were cut in 2009 by the Obama administration as part of the auto bailouts, more than 20,000 Delphi salaried employees experienced benefit reductions of up to 70%.
President Trump intervened Thursday by signing a Presidential Memorandum to help restore those pension.
The Presidential Memorandum directed his cabinet to come back in 90 days with a variety of plans to restore the affected pensions. Officials estimate nearly $500,000 will be set aside to help Delphi Workers.
Part of the memorandum said:
The previous administration failed to fully protect the pensions of Delphi’s salaried and non-unionized workforce, despite that administrations substantial influence over General Motors’ bankruptcy proceedings. Its actions in this regard are yet another example of how it failed American workers.
“Part of what’s going to happen in the next 90 days is do an assessment of what are the assets in the pension, how have the Delphi retirees been harmed, if there is additional money required what is it,” said Representative Mike Turner. “Then what action would need to be taken to put it in that pension to make this right.”
Out of the 20,000 workers, an estimated 5,000 are from Ohio — including some in the Miami Valley.