Bloomberg Law
Free Newsletter Sign Up
Bloomberg Law
Welcome
Go
Free Newsletter Sign Up

Singling Out Delphi, Trump Addresses Broad Pension Crisis (1)

Oct. 22, 2020, 8:26 PMUpdated: Oct. 22, 2020, 10:03 PM

President Donald Trump signed an order Thursday seeking a solution to the pension solvency crisis plaguing underfunded retirement plans within 90 days.

The memorandum orders Treasury Secretary Steven Mnuchin, Commerce Secretary Wilbur Ross, Labor Secretary Eugene Scalia, and trade adviser Peter Navarro to review the legislative and administrative options available to address lost pension benefits related to the termination of Delphi auto workers’ retirement plan over a decade ago.

Delphi, which was based in the battleground state of Ohio, was part of General Motors.

“This was a grave, grave injustice that was done by Barack Obama and Joe Biden to ...