August 10, 2009 the Pension Benefit Guaranty Corporation (PBGC) assumed responsibility for the pension plans of 70,000 workers and retirees of Delphi Corporation. Delphi sponsors six defined benefit plans for its workers, including the Delphi Salaried Retirement Savings Program (SRSP) and the Delphi hourly Personal Savings Plan (PSP). All six plans have been assumed by the PBGC.
Although many current pension recipients will eventually see a change in their pension payment, it could take the PBGC several months before determining an estimated pension benefit for Delphi pension recipients. During the time that the PBGC is working to determine the estimated pension payment, recipients will continue to receive the same pension payment they had been receiving prior to the PBGC takeover. Once the estimate is determined, it could then take another several years before the PBGC fully reviews the plan and finally determines all benefit amounts. Any overpayments or shortfalls created by the estimated payments recipients received over this timeframe will be made up by adjusting the final payment to be received from the PBGC.