Pensions 2 Paupers.....1.01.10
Another 2,900 Delphi Corp. salaried retirees soon will receive letters disclosing the amount of cuts in their pensions that will go into effect on March 1.
The Delphi Salaried Retirees Association said on its Website that the reductions are expected to be “staggering” for those affected — retirees younger than 62 with supplements.
Estimates range from 32 percent for retirees 61 years-old to 50 percent for 50 year-olds.
The letters were being sent Feb. 1 by the federal Pension Benefit Guaranty Corp., which took over the pensions from Delphi as one of the arrangements allowing the auto parts supplier to emerge last October from four years of bankruptcy protection.
AS I HAVE STATED IN A NUMBER OF EARLIER BLOGS....IF YOU ARE NOT PREPARED FOR A 50% DROP IN FAMILY INCOME.....YOU ARE NOT PREPARED.