Tagged: Pensions

Representatives of the U.S. Treasury Department say they'll meet with retirees of a bankrupt auto-parts supplier suing to have their full pensions restored.

The Columbus Dispatch reports that Alistair Fitzpayne, assistant secretary for legislative affairs for the Treasury, agreed to a meeting with Delphi retirees who saw their pensions slashed after the 2009 auto bailout.

Attorneys for a federally backed pension insurer have declined to enter mediation with retirees of a bankrupt auto-parts supplier suing to have their full pensions restored.

The Dayton Daily News reports that the Pension Benefit Guaranty Corp. rejected the non-binding mediation with Delphi salaried retirees. A spokesman for the insurer said Thursday said it can pay out only the amounts authorized by Congress.

Chuck Cunningham with the Delphi Salaried Retirees Association said it came after six weeks of discussions.

Ohio Treasurer Josh Mandel is requesting an investigation into whether banks overcharged four of Ohio's five pension funds and the state's injured worker insurance fund for foreign currency services.

In a letter Tuesday to Ohio Attorney General Mike DeWine, Mandel says banks may have manipulated exchange rates on foreign investments over the past dozen years, costing Ohio pensioners and businesses tens of millions of dollars.