Got the letter today

[rubrhammer]

Man am I bummed tonight. I know that worrying doesn't change anything and is not productive but it can be difficult to shake off bad news sometimes.
 Background, I worked for GM and then Delphi for a combined 31.1 years before tiring in 2002. As most probably know Delphi went bankrupt a while back and last fall finally welched on their pension obligations to the point that the PBGC (a US Gov insurance co) stepped in and picked up the pensions. About a month after that happened Delphi miraculacly emerged from bankruptcy. My pension will now be paid as an annuity, HOWEVER, the entire pension is not guarranteed.
 More background, when GM spun off Delphi it was written into the contract that if Delphi experienced financial distress that GM would step in and pick up the pensions. This has been renewed in all sudsequent contracts. But now GM has gone belly up and is a "new "company and it is quetionable as to whether they are bound by the former contracts. As of last fall our benefit rep told me that GM will "probably" pick up "most" of what the PBGC doesn't.
 Which brings me back to today's letter, PBGC has now determined that the amount they pay me will not be the $2656/month I was receiving but instead will be $1475.
 I am now awaiting word from the "new GM" to see what they are going to do.
The worst part is that there isn't a drop of rum in the house tonight.
Thanks for listening.
Bob

[h2oman]

Broken hopes and dreams are beyond description.  Sorry to hear this Bob.  I hope things work out.

[Coolbreeze]

Bob

I'm so sorry for you and now millions and millions of others who were duped into thinking this money will be there and is secure. I suppose you have seen my rants on the subject even as of a week or two ago. So with $12 Trillion in Debt how does the US Government even honor their pensions? Good question ehhh!

Please folks look the hell out, start saving.

Numbers don't lie but people do.

Not sure what the new GM would do. By going into bankruptsy they through away alot of their obligations. As I hear it, that is the plan of some of the states to shed their pensions or at a minimum sucessfully negotiate them down much further.

I know what the new GM won't do and that is get back to where they were. I got an e-mail from them the other day introducting their new products. One was GMC Denali Acadia and the other was a concept car. So I guess their new vehicle announcments amount to an over priced gas guzzling piece of junk and a concept. Geez they haven't changed much have they.

[prevish gang]

Bob,
I am so sorry and the world has certainly changed in the past 10 years or so.  I just don't know how people live with themselves when they do this to people.  Do me a favor though.  Send a copy of that letter to the investigative reporter for 20/20 on ABC.  Let that guy get a hold of it and "out" the company and see what happens then.
Darlene

[clarkely]

That SUCKS!!

And they should be held Accountable!!

I could go on and on on politics.... but i will spare everyone....... I wonder when "We the people" will unite to fight govt........ it is a matter of time........

3.55 trillion dollar budget we have........ that means the 350 million people (330 mil last census) would need to pay 30,000.00 each in taxes just to break even..... that includes children who arent earning to pay.......

Most "responsible" (loose term with the way people are so irresponsible) people start with their amount of money they have or will earn and adjust their spending to fit what they can afford.

Our govt doesnt...........why not?

and then i hear today that if you have irresponsibly blown every openny you earn and owe more than 10,000 on credit cards you may be eligible to have half of it forgiven? yeah that will get people not to spend what they dont have.................

I feel like the country is going to hell!! Govt needs to be reduced!!

Sorry for my rants

[clarkely]

Sorry for ranting above.......... it does suck what you are going to be dealing with and you should not have to.

I do wish you the Best of luck with it all!!

[BritsOnTour]

Bob, so sorry to hear this.

How awful for you.

Ali

[rubrhammer]

Thanks for your thoughts  and support. I'm a little calmer today and will simply have to wait this out for now. The union benefit reps are useless do to the fact that they are also kept in the dark. My ray of hope is that if I need to return to the workforce,at least I have skills to fall back on and on my confidence in my ability to do most any kind of work.
Bob

[rubrhammer]

Got another letter today. This time from GM. They are stepping up and paying the difference that PBGC is not paying. This is a contractural issue so hopefully my union brothers that are still working will keep this alive in future contracts. All is good for now though. What a relief.
Bob

[prevish gang]

Well, good for GM.  Do what you can Bob to make it known to the national news because GM could use the good press and that will keep your checks coming.  It would be a win/win situation.   Send an email to all of the major networks hoping someone will put in on world news.  With Toyota's issues right now, the American manufacturers could use good press as a way to capitalize on the situation.