The average age of the retirees we met Wednesday is in the mid-to-late 50's. Most of them devoting thirty years or more of their lives to both General Motors and Delphi Packard, some winning patents for their ideas or successfully selling the company's products all around the world. And when they left, it was with the thought that even in bankruptcy, their retirements would be secure. Wednesday, one of those retirees, Bruce Gump, who spent more than 32 years with the company, says, "This contract of trust that we had with them, they just have thrown under the wheels of the bus."
For these salaried retirees, and thousands more like them, the latest news from Delphi only adds more insult to injury. The bankrupt parts-maker now wants to get rid of its under-funded pension plan for former white-collar workers, meaning the Federal Pension Benefit Guarantee Corporation will take it over.
This comes after the retirees had already lost their company health care and life insurance, benefits they were now having to pay for using those soon-to-be-shrinking pensions. But what has them even more upset, the notion tax dollars are bailing out GM and its workers and retirees, as well as helping the automaker take over some of Delphi's assets. Retiree Charles Cunningham of Howland claims collusion is taking place, telling us, "It's because of the UAW relationship with the current Administration in Washington."
Some believe the President is now reneging on a promise to protect auto worker pensions. Retiree John Sandberg says, "We're all auto workers. We all sacrificed along side the hourly workers and the unions to build this company up."
A company, the retirees say ironically, begins celebrating "Excellence Week" on Monday. Retiree Marybeth Cunningham says, "There's seven tenants of "excellence" that Delphi adopted, okay? One of which is "people caring."
The retirees say they're going to mount a class-action lawsuit against Delphi, as well as, General Motors, the UAW and the private equity firm that's now in line to buy most of Delphi's remaining assets.
Still, given the lack of success they've had in preserving their health care, some worry the judge overseeing Delphi's bankruptcy will simply "rubber stamp", as they called it, this latest plan.
