Congressman Ryan Appears Before Senate Cmte. Hearing to Defend Delphi Retirees
BackStatement by the Honorable Tim Ryan Committee on Health, Employment, Labor and Pensions United States Senate October 29, 2009 Chairman Harkin, Ranking Member Enzi, and Members of the Committee, thank you for the privilege to appear before you today to introduce my constituent and friend Bruce Gump. Thank you Senator Brown, for your commitment and leadership on Delphi and other issues faced by our nations retirees. After a brief period of success following their 1999 spin off from General Motors, Delphi Corporation was soon in trouble. Languishing in bankruptcy for four years, Delphi canceled pension and healthcare benefits for retirees as GMs bankruptcy sharply reduced both their revenues, curtailed continuing payments, and jeopardized existing agreements. Thanks to the Obama Administration many GM workers and retirees will receive their full pensions and assistance with their healthcare. Many Delphi retirees will also receive assistance for their pensions. However many other Delphi retirees will see major cuts to their pensions, and almost all Delphi retirees will see substantial cuts to their much needed healthcare benefits. These cuts will directly affect over 70,000 retirees across the nation and over 5,000 in my Congressional district. Not only will this have a devastating effect on these workers and their families but the secondary economic effects in our communities will be enormous. Mr. Bruce Gump of Warren, Ohio, is one of the many Delphi retirees in my district who lost both his healthcare benefits and will see a reduction in his pension. Bruce retired after 32 years as an engineer in the automotive industry, almost 23 of those years for GM prior to the spinoff and 10 years at Delphi. At age 58 the Pension Benefit Guaranty Corp. will reduce his pension by a substantial amount. And his situation is not unique. Delphi forced many of its employees into early retirements, so the pension reductions from the PBGC will be more severe than they should be for people who have worked more than 30 years. It is a problem when anyone in this country loses their pension, no matter how, and today we have a chance to better understand and address this problem. Thank you
Category: News
Uploaded: October 29th, 2009 @ 5:50 pm
Author: TimRyanVision
Length: 02:38
Rating:
Views:
Tags: tim ryan bruce gump sherrod brown delphi retirees congress ohio pensions
Related Video Links:
» View Video Comments For Congressman Ryan Appears Before Senate Cmte. Hearing to Defend Delphi Retirees
» View TimRyanVision's Other Uploaded Videos
Video Thumbnails:
Video Embedding Code:
* Embed this video on your website, social bookmark, myspace, or blog.
Wow!
