More than 200,000 salaried retirees from the U.S. automotive industry have formed a coalition to fight for their benefits.
The presidents of each of the four national retiree associations of Chrysler LLC, Delphi Corp., General Motors Corp. and Ford Motor Co. announced Thursday the formation of the National Automotive Coalition (TNAC).
The group met with President Barack Obama’s Auto Task Force in April with the goal of having the salaried retirees recognized as an important group being affected by the restructuring of the automotive industry.
Salaried retirees with Delphi lost most of their health and life insurance benefits in April when the U.S. Bankruptcy Court ruled the company could eliminate benefits.
Dennis Black, interim chairman of the Delphi Salaried Retirees Association, said Thursday the formation of the coalition is very important.
“We’ve got some horsepower,” Black said of the 200,000 members. “We are a force to be reckoned with.”
Black said the salaried retirees of the four organizations are being urged to meet with their congressional representatives on a face-to-face basis to determine support for their concerns.
“We have a six-point agenda to discuss with each representative,” he said. “We want to know if they are for or against us.”
Black said the TNAC wants to make sure that in the Chrysler bankruptcy the judge appoints a committee to look after the interest of the salaried retirees.
“We need to keep the pensions from going away,” he said. “If the pensions are defaulted on, they should be fully funded.”
Black said the other organizations were aware of the fight being waged by the Delphi retirees and communication has been taking place since February.
He said a concern for Chrysler and GM retirees is that a supplemental pension funding plan could be eliminated in the bankruptcy proceedings.
“We want the retirees to avoid financial Armageddon,” Black said.
The six points being sought by the TNAC include:
• Extending the Health Coverage Tax Credit to retirees who have lost health insurance without the requirement for pension default to the PBGC (Pension Benefit Guaranty Corp.).
• Ensure pension funds that default to the PBGC are fully funded.
• Extend Medicare eligibility to retirees over the age of 55.
• Eliminate the 10 percent penalty for early withdrawal from 401k and IRAs for those over the age of 55.
• Eliminate the 7.5 percent Adjusted Gross Income hurdle for health-care tax deductions.
• Elevate salaried retiree health care and life insurance benefit claims to first priority in bankruptcy proceedings.
• Pass legislation to ensure all earned Other Post Employment Benefits and pension benefits are secured and honored in the future.
“The TNAC is committed to continuing their efforts to support the American auto industry in its return to profitability and in pursuing equitable solutions to legacy cost issues. The preservation of salaried retirees benefits and the protection of the pension plans are of major concern,” the group said in a press statement. “With the escalation of the restructuring process of GM and the recent bankruptcy filing of Chrysler, the salaried retiree needs a response from the Auto Task Force.”
Ken de la Bastide is the Kokomo Tribune enterprise editor. He can be reached at (765) 454-8580 or via e-mail at ken.delabastide@kokomotribune.com
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