In this news, we discuss the Trump orders review of auto parts firm pension cuts.
WASHINGTON, (Reuters) – U.S. President Donald Trump has ordered a review of the ten-year pension cuts for some retirees at a former General Motors parts unit.
Trump’s memo ordered the head of the Treasury, Commerce and Labor departments to ‘remedy’ cuts in pension payments to non-union retirees within 90 days to Delphi Corp after the pension plan was handed over to Pension Benefit Guaranty Corp in 2009. The cuts have had an impact. about 20,000 salaried retirees, many in Ohio, a key state in the 2020 presidential election.
Reporting by David Shepardson; edited by Diane Craft
Original © Thomson Reuters