PBGC Payments Update.

[Jack]

If You have  already set up Your account with the PBGC You can log in on the main page left top column MyPBA LOGIN and view Your payment history.

I logged in today and my first payment is already scheduled and shows the amount I will receive on 01-01-2010.

If You have not set up your account I urge You to do so soon.


www.pbgc.gov

[fourmoremarine]

My first payment is only for the Delphi Pension Trust portion of my monthly amount it does not include my suppliment and the increase we received.
$50.90 x years of service= Basic Benefit Rate
$49.80 x years of service= Temporary Benefit Rate

[Jack]

Fourmoremarine what is the temporary payment where does that factor into this ?

[fourmoremarine]

Fourmoremarine what is the temporary payment where does that factor into this ?

The temporary payment is really the suppliment.
the wording on my retirement papers calls it the Temporary benefit.
When I retired under a mutual retirement we were given our pension, 50.90x credited years service and then to get us to social security age 62 we were given a temporary benifit(which was extended to age 63 if you fell into the creep under the 2007 contract.
as an example.
pension..$50.90 x25 years service=1272.50
Temp benefit  $49.80 x 25 years service=1245.00  total 2517.50 before the increase...
PBGC is only paying the $1272.50 portion

[Jack]

Fourmoremarine that's what I thought thanks for the reply.

Merry Christmas to You and YOURS.

[liedto]

Jack,
Your right on, in regards to the PBGC website. I run in to many Delphi retirees who are totally clueless about this site. I can understand why, since our useless, mindless, careless union representives do not inform their retirees of even this simple information. I'm sorry if I appear so bitter, but I can honestly say I hate them, don't trust them and have been Liedto. Jack keep up the good work, I know it can be a thankless effort. Thank you.

[Gordon Freeman]

Fourmoremarine what is the temporary payment where does that factor into this ?

The temporary payment is really the suppliment.
the wording on my retirement papers calls it the Temporary benefit.
When I retired under a mutual retirement we were given our pension, 50.90x credited years service and then to get us to social security age 62 we were given a temporary benifit(which was extended to age 63 if you fell into the creep under the 2007 contract.
as an example.
pension..$50.90 x25 years service=1272.50
Temp benefit  $49.80 x 25 years service=1245.00  total 2517.50 before the increase...
PBGC is only paying the $1272.50 portion

So the $1272.50 is paid by the PBGC & GM paid the $1245.00? BTW does age play a factor in how much is paid  out by the PBGC?

thanks......Gordon

[Jack]

Fourmoremarine what is the temporary payment where does that factor into this ?

The temporary payment is really the suppliment.
the wording on my retirement papers calls it the Temporary benefit.
When I retired under a mutual retirement we were given our pension, 50.90x credited years service and then to get us to social security age 62 we were given a temporary benifit(which was extended to age 63 if you fell into the creep under the 2007 contract.
as an example.
pension..$50.90 x25 years service=1272.50
Temp benefit  $49.80 x 25 years service=1245.00  total 2517.50 before the increase...
PBGC is only paying the $1272.50 portion

So the $1272.50 is paid by the PBGC & GM paid the $1245.00? BTW does age play a factor in how much is paid  out by the PBGC?

thanks......Gordon

That's a good question Gordon. It does not at the moment but I'm not sure when we reach SS Age which I believe is 65 as far as the PBGC is concerned. I'll work on getting that info as soon as possible. I also don't think it would matter as long as G.M. keeps topping off the Pensions which is the most crucial part of the equation at the moment. Come to think of it I spoke to a friend that had over 40 years so he is older than 65 and his pension has not been affected by his age. But like I said I will get the right answer from the PBGC.

[fourmoremarine]

On the PBGC website it states that this is my first estimated payment one has to wonder how age will effect the payment.
I hope gm comes up with the other amount plus the increase we received
Wasn't there something about being paid based on your age when the plan was taken over by the PBGC?

[Jack]

Here's an instance where age effects Your PBGC payment this is off their site.
----------------------------------------------------------------------------------------------------------

Q: My pension plan features a temporary supplement to "bridge" the difference between my actual retirement age and the social security retirement age. How do I figure out whether this supplement is guaranteed?

A: Let's say your monthly benefit would have been $1,000 at age 65, but you retired at age 60 with $900 per month as your early retirement benefit plus $600 per month as a temporary supplement payable until age 62. Your total benefit, $1,500 per month, is larger than the $1,000 benefit you would have received if you had retired at your normal retirement age. PBGC can pay you only $1000 per month ($900 per month early retirement benefit plus $100 supplement) until age 62 and $900 per month after age 62. Other limitations may reduce your benefit, or the allocation of the assets of the plan may increase it.


http://www.pbgc.gov/about/wrfaqs.html#maximum_benefit_pay

[Jack]

If this is going to take several years to get things straight We may owe them thousands or they may owe us. What a cluster Fu** this is turning out to be. I don't think we will ever know if we are being dealt with fairly.

Also I don't have Faith in G.M. at the moment to top off the pensions until We die.

Remember this whole top off thing is negotiated from one contract to another !
****************************************************************************************************************


Q: When does PBGC expect to adjust pension payments to estimated PBGC benefit amounts for those participants who will see a reduction? How long will it take to determine final benefit amounts?

A: It will take us several months to review all the information needed to calculate our estimated benefits for the entire plan. Given the number of participants, the complexity of the plan, and our desire to give you as accurate an estimate as possible, it may be six to nine months before we adjust benefits to estimated PBGC benefit amounts.

It will take several years to fully review the plan and finally determine all benefit amounts. We will notify you in writing of your PBGC benefit determination, and your right to appeal our determination.   If you are receiving an estimated benefit, the letter will inform you whether your future payments will change and if so, how much higher


http://www.pbgc.gov/faq/delphifaq.html#3

[Jack]

Maximum monthly guarantee tables



http://www.pbgc.gov/workers-retirees/benefits-information/content/page789.html#2009