On the recordFebruary 2, 2012
Today our colleagues at the Education and Workforce Committee held a subcommittee hearing looking into the challenges facing the Pension Benefit Guaranty Corporation. Perhaps one of the greatest challenges facing the PBGC is transparency. The PBGC will not release even the most basic documents explaining the denial of the full earned pension benefits of the Delphi salaried retirees. Perhaps it is because of the many conflicts of interest that existed between the Treasury Department and the PBGC. When these pensions were turned over to the PBGC, approximately 20,000 current and future salaried retirees were subjected to benefit cuts of up to 70 percent. The hardworking taxpayers whose tax dollars were used to pay for the auto bailouts deserve to know who made these decisions to cut these pensions and why they are made. ____________________
