In 1999 GM agreed to make up any lost benefits to Delphi hourly plan workers if the hourly plan terminated and was taken by the PBGC. How does that GM guarantee fit in with the PBGCs benefits?
The PBGC can pay benefits only up to the legal limits. In its news release of July 21, 2009, General Motors made the following statement about the hourly plan guarantee: “As a result of bargaining at the time of the spin-off, General Motors Corporation did agree to top-up pension benefits for certain limited groups of hourly employees and retirees in the event that the Delphi hourly pension plan was terminated. As with other union agreements that it has assumed from the old GM, General Motors Company will honor these commitments.” Any additional benefit amounts that GM has promised to pay will come from GM. All questions about the additional guarantee should be directed to GM.
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