An inquiry by U.S. Rep. Mike Turner (R-OH) resulted in an announcement on Monday that steps would be taken to provide more information and transparency to retirees who have their pensions terminated.
In December, Turner requested an inquiry into the Pension Benefit Guaranty Corporation (PBGC) actions that reportedly led to Delphi salaried retirees being denied access to information about terminated pensions.
“The inquiry I requested has provided us with new information and has resulted in the PBGC making meaningful, substantive changes that will hold the agency accountable to Delphi salaried retirees,” Turner said. “For far too long, these retirees have been denied access to information about their unjustly terminated pensions. Because of the inquiry I requested, the there is now greater transparency and accountability for Delphi salaried retirees.”
The Office of Inspector General (IG) for the PBGC responded to Turner’s inquiry on Monday with information about when a planned asset audit for the Delphi pensions was completed. The IG found that the audit was completed in June, but the PBGC asserted as late as August that the plan asset audit hadn’t been completed yet.
According to Turner, without an audit, it’s impossible for retirees to know if they’re receiving the full pension benefit to which they’re entitled.
In its report, the IG concluded that the PBGC should improve processes for responding to retiree requests for benefit statement worksheets that provide details about how an individual’s retirement benefits were calculated.
The PBGC agreed to make adjustments that provide more timely information to retirees in response to Turner’s inquiry.