Trump’s Delphi Pension Pitch Raises Questions Over Who Will Pay

Restoring full retirement benefits to Delphi auto workers, as requested by President Donald Trump, would require creating a shell company to dispense money it doesn’t have, former federal pension insurer officials said.

Trump ordered various cabinet members to intervene on behalf of participants in Delphi Corp.’s salaried pension program who have been contesting their diminished benefits in court for years. That program was underfunded by $2.7 billion when the Ohio-based company passed it off to the Pension Benefit Guaranty Corporation as part of its bankruptcy proceedings.

While the PBGC in rare instances has restored financially distressed plans, in those ...