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Automotive News & Views Delphi Restructuring A Key To The Industry?
470 messages, Last post on Jan 10, 2008 at 3:43 AM
You are in the Automotive News & Views Forum. Your Hosts are steve_ & claires
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We are keeping our fingers crossed here too........ My Delphi (boss-white collar) retired uncle has seen his pension cut in more than 1/2. Not to mention if they DO go BK all his Delphi stock will be worthless.......... My mom and other family members are safe (for now) because they took the GM "golden parachute" buyout when our local plant closed in the early 90s. The only thing they and I are sweating is our personal Delphi stock (that we got from the Delphi spinoff) will also be worthless if the BK happens............. I am still willing to BUY some Delphi stock for pennies on the dollar and hope they rise again! I did that back in 79 with Chrysler stock and still have a HANDSOME DCX $$$$ if and when I sell. I don't think the gov't will bail them out as they did with Chrysler tho.....................
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Replying to: geo9 (Feb 02, 2006 8:32 am) Can you tell us about his pension? What did it used to be and what benefits come with it? |
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Replying to: imidazol97 (Feb 02, 2006 9:20 am) he actually got or gets now.............. But he sometimes gets on a "jag" and talks about it! Not to mention most of his savings will be lost if Delphi goes BK.............. I do know my mom gets a stout $1400 a month GM pension plus SS so I can only guess what he got/gets now....... WOW........If its 1/2 of that.......... OR if Delphi goes BK and he gets pushed into the govt. run retirement takeover plan. He will get even less! BUMMER! He sez he should of stayed the blue collar routine and took the golden parachute buyout like my mom and uncles did instead of going white collar and transfering with Delphi !!!!!!!!!! BTW: GM has cut med. bennies, raised deducts./co-pays etc.and are pushing the retirees off to Medicare/medicade where ever they can to slash expenses.............
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Replying to: geo9 (Feb 03, 2006 12:18 am) PBGC Is a good place to look if your interested. My FIL had 31 years in at LTV when they went bankrupt. I think his original pension was around $2200 and because he was only 55, his PBGC payout is around 60%. |
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Replying to: geo9 (Feb 03, 2006 12:18 am)
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Replying to: imidazol97 (Feb 03, 2006 6:42 am) They had to have x amt. of years in plus be 55 years old to collect the GM $$$$. Plus they got x for each year service........ My mom had 20. And believe me SHE was pushing the guys outta line to be the 1st to sign the papers to get outta that place...... CHUCKLE! Not quite sure of the exact amounts tho. (15 years ago!) |
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Replying to: geo9 (Feb 02, 2006 8:32 am) 
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Replying to: geo9 (Feb 02, 2006 8:32 am) My other GM grandfather whom is dead I guess is lucky he never saw the "doom and gloom" (Dubya days) at GM and Delphi.  Rocky
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http://www.detnews.com/apps/pbcs.dll/article?AID=/20060207/UPDATE/602070426 Rocky |
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Replying to: rockylee (Feb 03, 2006 10:57 am) What does that mean?
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