Delphi Packard retirees will get health-care benefits, pensions from GM

Delphi Packard Electric retirees will receive health-care benefits and pensions from General Motors under a deal announced today.

Jim Clark, president of the International Union of Electrical Workers, said the agreement was reached with the automaker and the U.S. Treasury, which funded GM’s emergence from bankruptcy protection. The agreement still must be approved by a bankruptcy court judge.

GM plans to make payments to cover pension amounts that won’t be paid by the Pension Benefit Guaranty Corp., which is taking over Delphi pensions, Clark said.

Delphi retirees would receive the full amount they were owed, including supplements that are provided to workers, until they are eligible for Social Security payments, he said.

The health-care offer would include lower monthly payments but will have higher deductibles, he said. Retirees who don’t want health care would receive cash payments, he added.

For the complete story, see Wednesday’s Vindicator and Vindy.com