Kokomo Tribune; Kokomo, Indiana

Letters

May 5, 2013

May 5, 2013: Letters to the editor

(Continued)

Delphi retirees get robbed by gov’t

Last week, I got a letter from the Pension Benefit Guaranty Corp. (PBGC), a U.S. government agency, informing me of a change in my retirement benefit. I will continue to receive the same total benefit amount; however, $419.73 monthly will come from my own savings!

Somehow, the PBGC just learned that Delphi employees contributed some of their own money into their retirement accounts. They discovered that our money went into an annuity fund at Prudential Insurance Co. of America, and Prudential will start disbursing our annuities on June 1. That could be good — but, no, the PBGC retirement will be reduced, so that we will not see any benefit from our individual contribution!

A quote from the letter: “Your pension plan used your contributions to purchase an annuity for you from an insurance company. This purchased annuity will now be paid by Prudential.”

Those contributions were voluntary, but most folks participated and put that money away for their own savings. Now I learn that all the money I put in during my 38½ years of employment does not benefit me or my family at all. It only benefits the U.S. government; I should get credit for that on my taxes!

The PBGC will send me less retirement money because I will receive my own savings! How can this be? Who gets to decide? Why is the PBGC involved in my own savings? I’m sure it thinks most of us “old folk” won’t understand and won’t complain. After all, we will get the same monthly amount; it will just come in two checks instead of one.

Clearly it is a money-grab by the federal government. (It needs it because it didn’t save like I did!) Is this how our government treats hard-working, loyal people who stay with their company, contribute to their retirement, pay their taxes, serve their community, their church, and their country with honesty, pride and dignity?

James L. Davis

Kokomo

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