Bankruptcy Discussion
Post your bankruptcy questions, comments and concerns here.
National Chrysler Retirement Organization
The NCRO was formed to preserve retiree benefits, improve communication, and foster fellowship among retirees.
BLOG.NCRO.ORG: Bankruptcy Discussion
Until the bankruptcy is finalized, do the disabled retirees continue to receive their disability payments. My wife is under 60, does she still have the BCBS coverage we had before the filing? Thank you.
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5. As a retiree, what will happen to my monthly PTD disability or survivor benefits?
While no immediate changes to your monthly PTD or survivor benefits have been made,
benefits may change in the normal course of business as Chrysler reserves the right to
amend, suspend or terminate all or any provisions of its employee benefit plans and
programs. As always, if any changes are planned in the future, there will be information
provided at that time.
from chryslers website
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How can our pension checks be held in limb? I thought that they come from an account separate from Chrysler LLC business. Is it the banks involved in the EFT transactions? Does not a pending deposit involve Fed Regulations for failure to complete the transaction?
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My pension was being paid 100% from the Executive Supplemental Retirement Plan (SRP), a non-qualified plan. So, on May 1, 2009 my pension was terminated in full. If this situation continues I will most likely lose my house to foreclosure. I'm sure there are other retirees in the same boat. I know that several people retired at the same time I did with the same retirement package. Is this an issue that Stahl, Cowen, Crowley, Addis plan to take before the Bankruptcy Court?
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Members of non-TARP lenders can be found here: http://www.scribd.com/doc/15023127/Members-of-Chrsylers-NonTARP-Lenders-Group
Also available at www.ncro.org/bankruptcy.htm Under Chrysler Bankruptcy - In the News
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Are Long Term Disabled non-union supervisors included in the motion for protection of the retirees just filed by NCRO? I was not eligible to retire before I went out on LTD several years ago and the LTD funding has stopped. Does anyone, anywhere have any information for the thousands of short term, long term and workers comp. folks affected by the bankruptcy?
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My pension is from the same plan as Tom's. It was also known as a "shelf" retirement package. Is there anyone else who retired under this plan. If so, I would like to start putting together a list of names. Wayne Worley (803-642-4728) Tom please contact me.
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The following is from the May 9, 2009 Detroit Free Press, Page A2.
Chrysler survival critical for young retirees
Young Chrysler LLC retirees — those in their late 40s or 50s — better cross their fingers that a new Chrysler emerges out of bankruptcy court.
If the Chrysler plans had to be turned over to the Pension Benefit Guaranty Corp.— and right now that is not the game plan — the PBGC estimates that it would not cover $7 billion in underfunded benefits at Chrysler.
The rest of the article gives a good summary of our situation.
I have emailed the entire article to the NCRO who may choose to post it on their site.
WWW.FREEP.COM
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I am one of the 1800 whose April pension check has been pulled back by the company. The letter they sent describing the reason for this action indicates that only the SRP portion will be deducted and the balance will be forwarded to me by check by the middle of May. If this was their reason for recalling the check (SRP) why didn't they just deduct that amount from the deposit and recall that? Anyone else have an uneasy feeling about this?
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I talked to Corporate Payroll about the way they did this. I was told that the only reason they took back the whole check was that they got word that the SRP portion could not be paid at the last minute after bankruptcy was declared. The only way they had to react quickly enough in the time they had was to simply reverse the entire transaction. Since the payroll for the month had already been run, they now have to issue manual checks for the non-SRP payments. I don't see anything sinister in this. It was simply a matter of timing and the way the payroll system works.
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I am also a "Shelf" retiree until age 62 which is 13 months from now.
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As a follow-up to my question, I need to amend it somewhat with the following facts; I am a non-union, non-retiree, former production supervisor. I have been on Long Term Disability since 2001. The LTD folks got their pay shut off effective 4/30/09. We are not part of Workers Compensation. We have no union, association or group that claims us. I am permanently, totally disabled. Please contact me if you are in this category, especially if you have an attorney representing your interests. If not, maybe we can find other similarly situated people and then hire an attorney. I truly can't believe that Chrysler would save everyone else but the disabled, especially since we paid for the disability insurance and gave them our SSDI awards. I further can't believe that President Obama meant for the most vulnerable and therefore least represented, disabled to be part of the "surgically" removed creditors. I personally have had 14 surgeries, I don't need and can least afford a financial one that bankrupts me or causes my home to go into foreclosure!
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Wayne I am also under the same plan, please add my name to your list
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I am a non-union, non-retiree, long term disabled, Chrysler former production supervisor in Toledo. These are the people I have contacted and no one can help me and my 211 colleagues like me here in OH. (1000's nationwide)
1. Marcy Kaptur
2. Senator Voinovich
3. Senator Brown
4. Ohio AG
5. President Obama
I played by all the rules, am a VA homeowner, paid for my disability insurance from Chrysler, gave them my $31,000 SSDI award. Chrysler has stopped funding their plan management group Sedgwick just for the Long Term Disability folks only! We have no union, no retirees association and no champion to fight for us. I have been on permanent LTD since 2001. I receive about one-half ($1500) of my total monthly income of $2900 from my LTD checks. The other half is SSDI. Chrysler stopped paying us on 4/30/09. They continue to fund the Workers Comp folks, the UAW and the short term disabled but not us.
I am not a lawyer, but I filed a Pro Se motion with the Federal Bankruptcy Court in NY to at least ask for a committee to be appointed to discuss the plight of the LTD folks before the company is sold to Fiat. My motion was heard today before Judge Gonzales, who allowed me to participate by telephone. Chrysler had a battery of attys. present who basically mocked my motion and told the Judge that all WC and disabled employees were being sold to Fiat so that Fiat could get those individuals back into the workforce. I told the Judge that there is a large group of us who are on permanent total LTD and we would never be able to return. Today I learned that Chrysler funded the WC and short term employees for May, but not us, again. I guess this is what Obama means by "surgically" removing unnecessary creditors (us).
I was told to write to the President and fax him the letter and that a staffer would reply....it never happened! I have written the media and no one cares. I was told by a bankruptcy atty. that in almost every large corporate bankruptcy that the disabled are left out because no one fights for them. We don't even know who is in our group. Chrysler won't tell us.
Judge Gonzales continued my motion until May 20th to allow Chrysler to reply. I heard some of their strategy today as they told the Judge my motion was filed under the wrong statute. I just don't know what to do or where to start I am out of my element and the "Grapes of Wrath" steamroller is practically at my door. The Court has the Fiat Purchase Agreement docketed for May 27,28.
I only filed my motion to get the LTD issue before the Judge, kind of a David and Goliath, dumb idea. Now without guidance I may end up losing the last chance for all of the most vulnerable folks in the bankruptcy.
Any recommendations, assistance in finding other affected LTD employees, any pro bono attys., etc. would be most appreciated...or at least tell the media what a roughshod job is being done on the disabled. I too am facing certain bankruptcy and foreclosure.
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Important Message to NCRO members and all other Chrysler Salaried Retirees
We want to bring everyone up to date on the bankruptcy.
As most of you know, on May 14th the NCRO was in court to request the formation of a Retiree Committee in the bankruptcy. During the hearing Chrysler's attorney stated that Chrysler will transfer every non-union retiree benefit plan including non-union retiree benefit, pension, and healthcare plans, to the "New Chrysler."
The judge acknowledged that if Chrysler does not do what they have committed to do then the NCRO can come back into bankruptcy court on an expedited three days notice.
We will receive the documents from Chrysler verifying New Chrysler's assumption of our retiree benefits in the next several days. Once we receive these documents we will review them to be certain that they accurately reflect the commitments made in court by Chrysler. A committee of HR retirees has been formed to do this.
As we get more information we will continue to update you.
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When you say that Chrysler will transfer every non-union retiree pension plan to "New Chrysler", does this specifically include the NON-QUALIFIED Executive Supplemental Retirement Plan (SRP) from which I and several others were drawing our entire pension? My guess is that it does not as that fund is subject to the claims of Chrysler's creditors. I would very much like to get an answer on this.
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When Chrysler submits their documents regarding the transfer of "every" non-union retiree plan, can your HR Committee please review them to ensure that the "Grow-In Special Early Retirement" program is also included and listed among the plans? The "Grow-In SER" applies to laid-off salaried employees between 50 and 55 with at least 10 yrs. corporate service. They remain inactive employees of the corporation until they reach age 55 at which time they may apply for their SER benefits (no pension age reductions, with full health care benefits). While I received a letter on May 1 stating that my Grow-In SER would not be affected by the bankruptcy filing (although my IPP was terminated), I would appreciate seeing the agreement regarding the continuation of the "Grow-In SER" specifically stated in writing as part of all of the other non-union retiree benefit plans being transferred and accepted by the new company. Thanks!
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I am a non-union, non-retiree, LTD former production supervisor who has been out on LTD for 8 years. My Pro Se Motion just heard by Judge Gonzalez was adjourned until May 27th at which time Chrysler's counsel Ms. Ball will have presented a list/plan with the LTD's on it as well as the other affected individuals (perhaps yourself). The list/plan will then be part of the Purchase Agreement pending the Judges approval and final order ( I believe).
Please contact the National Chrysler Retirees Organization, attorney Jon Cohen at:
Jon D. Cohen
Stahl Cowen Crowley Addis LLC
55 West Monroe Street, Suite 1200
Chicago, Illinois 60603
Direct: 312-377-4565
Main: 312-641-0060
Direct Fax: 312-423-8156
Main Fax: 312-641-6959
Email: jcohen@stahlcowen.com
To see if you are part of their group.
I filed a Pro Se Motion by mailing it in to the Court. Your time maybe running out and the Court has a Pro Se assistance program.
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The following showed up a few minutes ago on an investor line
May 20 (Reuters) - Chrysler Holding LLC:
LLC SAYS HAS RESTARTED PAYMENTS TO EMPLOYEES ON LONG-TERM DISABILITY, NEW
Chrysler expects to continue - court hearing
LLC SAYS WILL FILE LIST OF CONTRACTS AND AGREEEMENTS NEW CHRYSLER INTENDS TO
assume in next day or so - court hearing
JUDGE IN CHRYSLER LLC APPROVES RETENTION OF JONES DAY AS CHRYSLER LAW FIRM - court hearing
JONES DAY WITHDRAWS REQUEST FOR SUPER-PRIORITY PAYMENT IN CHRYSLER LLC CASE -
court hearing
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My (continued) Thanks to Chuck Austin and all of the NCRO board members for their work during the "trying times" of Chrysler.
You foresight to organize a year ago and efforts have atleast given the salaried retiree a chance at a voice.
Bravo & Many Thanks.
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Why did they have to take back the whole check? Why couldn't they just process a debit for the SRP portion at a later date? This cost all of us involved.
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Just want to thank all the NCRO board members for their efforts and hard work at this particular time. I appreciate all the updates and information. Keep up the good work. Your web page is where I go for all the pertinent information.
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Until we have it in writing, NOTHING is guaranteed going forward in bankruptcy court. I've had access to conversations held by current senior executive management and know they are only concerned with keeping the cost of this transition as low as possible. These execs are only interested in their bonuses and if they can show the CEO how they saved millions by lopping off retiree benefits, they won't hesitate. The only thing that gets and holds their attention is legal action against the company. Why? Because if a group filing suit succeeds, it will appear to the boss of the executive department being sued that they didn't "manage" the situation at a level commensurate of an executive vice-president. As for the motion, anything presented by us in bankruptcy court should press the company to allow us to return to work if they are allowed to renege on the agreement they made with us. While I understand the thought of returning to work is not appealing to many, the bright side is under the failed HR policies of Rae and LaSorda, we can sit around all day and do nothing like many of the people that sank the company (only partially kidding). Remember, until we get it in writing our benefits will be carried over to the "New Chrysler," it's important to stay organized and united. While I'm a new member, one thing we can do better is get all the small retiree groups under one umbrella. We're wasting a lot of talent, ideas, input, etc. by not organizing under one roof.
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I must add my deepest appreciation to the NCRO for fighting for the salaried retirees. We have always been the sacrifical lambs but by organizing in numbers so much can be accomplished. I will continue to contribute $$ to ensure that our benefits are safe and hope others will too.
Please contact more active and retired salried employees and get them to join. Power in numbers. THANKS NCRO !!
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Tom,
I am also one of the 35 that fall into this category.
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Is there a way this blog can be sorted with the latest comment first? Clearly those are of the most interest. Thanks to those of you who are watching this closely and working with the lawyers and court.
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I'm in the same boat. My understanding is that we may be eligible to re retire under a qualified plan that will pay a pension based on age,...It obviously will be less than the non qualified plan and your healthcare and life insurance costs will go up as well because you are retiring under a different plan. And once you re retire to a qualified plan, you cannot go back to the non qualified plan if it is ever reinstated. All of this is my understanding-it is not gospel. If anyone can add or correct this, please provide your comments. What we need is direction from the NCRO on the options we should be pursuing. If the SRP may be reinstated, then it may be wise to sit tight. If not, then we need options. I have asked Benefits Express to provide me with a written estimate of my pension under the qualified plan and they are doing that. It may take up to 35 days to get that. Comments please-especially from the NCRO or others who are up to speed on these issues- would be appreciated.Thanks.
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IMPORTANT DETAILS in an attempt to help the NCRO Attorneys regarding SRP
An objection was filed under Docket # 1098 regarding the suspension of SRP payments.
This objection is particularly interesting because it provides information regarding the transfer of assets from the SRP Trust during the last months of 2008. Specifically, it appears that retirees were discriminated against relative to active employees, because active employees were given the opportunity to withdraw their claims to the SRP Trust as a lump sum and retirees were never offered this opportunity.
The Rabbi Trust claims of retirees who left Chrysler prior to the LBO by Cerberus should have been distributed or annuitized under protections defined in the AMERICAN JOBS CREATION ACT OF 2004 regarding such retirement plans and material changes in ownership.
The failure by Daimler and Cerberus to provide such protections for retirees was at least fiduciary negligence.
In fact, when Chrysler was acquired by Daimler in 1998, all retirees who had a claim to this Rabbi Trust were annuitized.
These may be grounds for the NCRO legal team to demand the immediate distribution of the SRP Trust assets to the participants in the form of an annuity and remove this Retirement Trust from the bankruptcy process completely.
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The agreement on the benefits for all Salaried Retirees moving to the new company is great; however, I cannot find any motions introduced into the court on this in the information available on the Chryslerrestructuring website. Also, the early retirement packages included Supplemental Benefits which I cannot find any information on the inclusion/exclusion of this benefit. Anyone have any info ?
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Dear NCRO,
We were told that NCRO Lawyers would be reviewing the revised documents being prepared by Chrysler to be consistent to a prior directions given by Judge Gonzeles.
Has this ocurred yet? Did Chrysler include the language that moves our SRP into the new Chrysler Fiat company?
If not, what is the plan?
Thanks
Vincent Sammut
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Thanks NCRO for the work in keeping the salaried retirees in the picture:
"we are not objecting to the sale itself, we are objecting to the sale unless these benefit obligations are assumed by New Chrysler. The next step is to get a ruling by the bankruptcy judge."
Do "we" know when/date the judge will make a ruling on "our" limited objection?
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Does anyone know what the status of the IPP (Income Protection Plan) benefits are? I got involuntarily laid off September 30,2008 after 29 years of service and have only gotten 6 months of severance pay. I would like to know if the judge ruled on this specific item
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Chrysler has confirmed to the NCRO and bankruptcy court that all the current salaried retiree healthcare plans, including the Retiree Health Spending/Savings Account, are being assumed and also that all qualified pension plans and the corresponding trust are being assumed. They also confirmed that SRP is being bifurcated with only the obligations to the under 62 group being assumed. They said the decision to bifurcate the SRP was purposeful and "based on cost." After much discussion with our legal firm Chrysler will not voluntarily agree to assume all of the SRP. Our attorney has modified the SRP Objection to note the Chrysler action and will be in court in NYC tomorrow to argue the Objection to the Sale based on Chrysler's position that SRP will not be paid to retirees after the age of 62 is reached.
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URGENT TIMING ISSUE QUESTION ON TAP:What about TAP payments as I have been living on them since last November now I have $0 income ? I did receive a document from the bankruptcy court telling me that if I don't object my SEPARATION AGREEMENT WOULD BE TERMINATED WITH NO CURE BEING PAID.
SHOULD I RESPOND TO THE COURT OR IS NCRO ON THIS ??
THANKS
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Does this mean early retirees will lose all of the supplemental or on the check stub the temporary. I know for most of us in the 55 age group that can account for 50% of are total income.
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I am one of those people too. I have been told nothing from Chrysler other than "check the restucturing website". To my knowledge, there is no info on it relating to IPP. If any one knows anything, please advise. Thank you.
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Talked to a lawyer involved in the NCRO action. On today's docket is a review of Chrysler's plan to assume what benefits. The document number is 2565. Go to the restructioning website and type in that number in the search field. That should pull up the document. Look to the right and click on "image". That should pull up the document. It lists, I'm told, the benefits that New Chrysler will continue to fund. I'm told IPP and TAP among others are on that list. I was told that it will be asked that Chrysler actually put those programs in the sale documents. We should know more tomorrow. I was also told that it is rare that a company will say it will do something but not really do it, when they put it in the filing documents. However, the attorney stated that they want those promises actually put in the sale documents or it should not be allowed to proceed. Again we'll know more tomorrow. Good luck to us all.
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Go to restuctioning website. Click on docket. Type in "2565". Look to left, click on "Image" (in blue). Look at exhibit A.
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Go to restructioning website. Type in 2565 after you click on "Docket". Look to right and click on blue "Image". Go to exhibit A. It talks about TAP there. It seems they'll pay it. When, I don't know. I was told we should write a letter to the judge stating that Chrysler says it will pay those benefits, but have not to date. I'm waiting until tomorrow to find out what the judge says today about exhibit A. I'll hopefully be able to share what I know from my attorney source then. If any one else knows anything, please share. Thanks to NCRO for sponsoring this blog site.
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Please clarify if the statement "Chrysler has confirmed to the NCRO and bankruptcy court that all the current salaried retiree healthcare plans" means that spouses of salaried retirees will continue to receive health care benefits as well. My husband who is a salaried retiree now is covered under Medicare, but I will not be eligible for Medicare for 8 years. I have been covered by Chrysler's Blue Cross program under my name since my husband began receiving Medicare benefits. Will I continue to receive these health care benefits under the new Chrysler restructuring being proposed?
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Great news for those pre-62 about reinstating SRP (especially those drawing 100% SRP). Do we know when that takes affect?
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Great update today, but a couple of items are still unclear:
- While Healthcare Plans will continue, they were only scheduled to go until age 65. At that time, the company would start making annual payments in lieu of approx. $1,800. per person. Will these continue?
- The web site talks about SRP. Is this the protion that some executives lost OR is this something else?
- Is the SERP protion safe, or is that what the web site calls SRP?
- What is the status of the "Temporary" portion who some individuals receive?
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Disabled Chrysler workers wait for benefits by Joseph Szczesny - Oakland Press - May 27, 2009. Chrysler LLC’s bankruptcy petition has cut off payments to 233 disabled employees, who are now waiting for the reinstatement of their benefits. Palese said Chrysler intends to resume paying the claims as the company emerges from bankruptcy.
http://www.theoaklandpress.com/articles/2009/05/27/business/doc4a1d0e43682dd252678310.txt
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First, I'd to commend the NCRO for their fine work. Second, I say again, until it's in writing, NOTHING is guaranteed. We need to become better organized to protect the CONTRACTS we entered into upon retirement. That being said, there are two major retirees groups. One group consists of so-called "early retirees" that I'm a part of. The other major group consists of retirees that will be reasonably protected by the government, should Chrysler terminate the plan and benefits. For those of us in the early group, it's clear we'll need to retain legal representation to ensure we are, at the very least, offered our jobs back should Chrysler renege on the promise they made us. The direction NCRO funded representation taken to date does not seem to recognize concerns or the situation of the "early" retirees. As someone mentioned, our bridge payment equals 50% of our income and the government WILL NOT pay this if Chrysler terminates the plan. It is becoming increasing clear "early" retirees need to retain counsel QUICKLY to insure we get a fair shake IN WRITING by Chrysler which may include lump sum payments (which other received) or the opportunity to return to work if we are able to perform the work offered. I don't want to distract from the fine work by the NCRO but I think early retirees need to retain a separate lawyer now. If interested, e-mail me and we'll see how many can pitch in to hire a good lawyer.
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Thank you NCRO for this blog site. When will we know the status of docket item 1195 for IPP and TAP people? In Chrysler's filing of 5/27/09-docket 2565; they list that docket item (1195)as "Unresolved"? Thank you.
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I was told it would take effect when they exit bankrupcy.
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I also have a concern on the continuation of annual health care payment after 2009 for people over age 65.
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What is your email address I do not know if the counsel Chuck Austin has will bring this up. There are alot of us that went at 53 to 62.
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I am also an early retiree. I have already sent funds to NCRO hoping that they address our concerns. I too am not so sure this is being done. Shouldn't someone be working with NCRO to make sure this is being handled?
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NCRO can we please get clarification on " all qualified pension plans and the corresponding trust are being assumed". What corresponding trust is being referred to?
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Send me a note @ pearlann14@comcast.net (wife). She'll forward. I may have to work with some of Chrysler execs soon so I can't send name now. I think the NCRO is trying to help to some degree but may be lacking organizational experience. We need to be organized to the degree where counsel we've paid for understands the difference between the retiree groups. From the answer I've received from the NCRO lawyer, it's clear they do not. We should also be banding together under one roof and grabbing the GM retirees as well.
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What exactly are your concerns? Is there a part of this statement from the NCRO.org website that you do not understand:
Chrysler has confirmed to the NCRO and bankruptcy court that all the current salaried retiree healthcare plans, including the Retiree Health Spending/Savings Account, are being assumed and also that all qualified pension plans and the corresponding trust are being assumed.
If you receive SRP as part or all of your pension, then you will see a reduction in your monthly pension check. Otherwise, your pension check should remain unchanged.
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The Pension Plan Disability Benefit (PTD)component for retirees was not affected.
: LTD direct deposit / EFT payments were not affected. If for any reason you did not receive your April EFT, please contact your Sedgwick CMS Claims Examiner
: Paper checks were on Sedgwick CMS stock and S-CMS is whom the employees interface with.
: DD / EFT come a couple days before the end of the month, but checks are dated at month end.
: The paper checks dated 4/30 coincided w/ the bankruptcy filing.
: The vendor initiated the voiding of the checks
The LTD Plan was initially "frozen", until the bankruptcy attorneys instructed Chrysler to "unfreeze" them, which the attorneys did. However, the vendor acted on its own in voiding the paper checks dated as of the bankruptcy date. We regret any inconvenience this caused.
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The "bifurcation" statement issued in todays news seems confusing. There is a SRP & an ESRP. I thought the SRP was protected. This article is very confusing. Does it mean that those of us who are 62 are going to loose our SERP payment? If some of these article could be written in a way that the average person could understand what is being said or implied it would be very helpful.
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You wrote "There is a SRP & an ESRP". Did you mean "SRP" and "E-SERP". We are not aware of an ESRP plan.
E-SERP and SERP are tax qualified pension plans and are being assumed by the new Chrysler.
You are NOT losing SERP or E-SERP. If part or all of you pension is SRP, then your monthly pension check will be reduced by the amount of SRP funds that make up your monthly pension after you turn 62.
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Our main concern is: Will the people who left chrysler early loose the supplement portion of their checks? Nothing in their statement confirms or denies this. We would like to have something in writing from the company.
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Regarding the SRP, Did the judge agree with Chrysler and allow the termination of the SRP after age 62?
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According to our attorney and as stated on the NCRO.org website,
Chrysler has confirmed to the NCRO and bankruptcy court that all the current salaried retiree healthcare plans, including the Retiree Health Spending/Savings Account, are being assumed and also that all qualified pension plans and the corresponding trust are being assumed.
If you take that statement and combine it with the fact that:
Tax Qualified Plans
* Benefits
Chrysler Pension Plan (CPP)
o Basic Benefit – Rate times years of service
o Early Retirement Supplements
Chrysler Salaried Employees’ Retirement Plans (SERP or E-SERP)
o Contributory Benefit
o Final Average Salary Benefit
effectively, we have it in writing. Early Retirement Supplements ARE tax qualified plans and therefore are protected from creditors and are being assumed by the 'new Chrysler'.
Please keep in mind that a profitable future of the new Chrysler is imperative to continued funding of our pension plans. If the new Chrysler fails or loses money and can no longer maintain the pension plans, the new Chrysler will most likely ask the PBGC to take over the pension plan. At that point in time, if it does occur, then we have to defer to the PBGC accounting of the pension plan and how they determine our payouts each month.
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NROC, thank you for everything. I am a Chrysler Financial retiree, 58 years old, who has been collecting 100% of his benefit from the Chrysler Trust SRP. Given the agreement, will I continue to receive 100% of my pension from the SRP until age 62 ? Will it be reduced BEFORE age 62, when I will begin to receive benefits from Chrysler financial ? Thank you.
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Thank You for the clairification.
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Whether it pertains to our pension, benefits, individual or group issues, I think everyone in the Great Lakes region wants Chrysler to be very successful going forward. That being said, many of us have been in the same room with execs whose "word" means nothing. I've seen no official statement or agreement detailing ANY plan will be carried over to the new company but remain hopeful some semblance of integrity remains in Chrysler leadership and this will be legally finalized soon. One thing is clear from this discussion, a local meeting focusing on addressing the concerns raised from many retirees subscribing to this blog is in order. If needed, I can help secure a site.
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This site is good for us to receive info but we also need to write our senators and congressmen to let them know that there are retirees and current workers out there that are not union members. The auto task force made sure the union got taken care of! Let them know about what you have to lose, I did.
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Just an FYI. The official statement, as shown on www.ncro.org reads:
Chrysler has confirmed to the NCRO and bankruptcy court that all the current salaried retiree healthcare plans, including the Retiree Health Spending/Savings Account, are being assumed and also that all qualified pension plans and the corresponding trust are being assumed.
This is from Trent Cornell, the attorney for NCRO.
Also, the next NCRO Quarterly Breakfast Meeting will be held on July 29, 2009.
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HAS ANYONE HAD A PROBLEM WITH THE SPP PORTION OF THEIR 6/1/09 PENSION CHECK?
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As you probably know from news coverage, the hearing on Chrysler's sale to Fiat ended Friday, May 29th. Our attorney made arguments to the court that the sale should not go through without the inclusion of the post 62 SRP liability. Everything that came out in the hearing suggests the Judge will approve the sale.
The Judge is now taking time to issue a written opinion to cover the bases for his decision to support the sale in a way that will be designed to stand up on appeal. That opinion will be issued Monday. There is no doubt that there will be appeals taken by at least the Pension Funds and the Dealer network.
There will be next steps on how to proceed with (a) New Chrysler and (b) Old Chrysler with the SRP for the over 62 population, some of which we have started in motion. Everything is preliminary pending approval of the sale.
We will update you after the decision is announced.
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NCRO: Based on Mr. Cornell's limited objection (Docket 1195) and Chrysler's responses (Docket 2155 and Docket 1963 Annex B), is it reasonable to conclude that TAP and IPP benefits will be assumed by New Chrysler retroactive to the April 30th bankruptcy filing date? Thank you.
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I UNDERSTAND THE SRP, BUT MY QUESTION IS ON THE SPP.
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Just received a letter from Chrysler this morning 5/30/09 regarding Health Care & Qualified Pension Programs for Non Bargaining Unit retirees. The letter dated May 26, 2009 and signed by Alphons A. Iacobelli, V.P. Employee Relations, Chrysler LLC.
Highlights of the letter are as follows:
".... we are pleased to say that the new company will continue to provide health care programs, including the Health Care Retirement Account, for our retirees. Information regarding the ongoing health care programs will be made available after closing.... The new company will also become the sponsor of our qualified pension plans. Participants in the non-qualified retirement plan will be notified of their status by separate letter.... The announcement of the continuation of retiree health care and qualified pension programs is a significant milestone as we move through the bankruptcy process....
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Our attorney made arguments to the court that the sale should not go through without the inclusion of the post 62 SRP liability. Everything that came out in the hearing suggests the Judge will approve the sale.
There will be next steps on how to proceed with (a) New Chrysler and (b) Old Chrysler with the SRP for the over 62 population, some of which we have started in motion. Everything is preliminary pending approval of the sale.
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Dennis, I was also affected by the SPP program.. I contacted Chrysler HR and was informed this is also a non qualified pension and would be treated the same as the SRP pension program... The SPP program has something to do with Jeep Corporation...
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RICK TOO BAD ON THE HR REPONSE. WE CAN'T BE THE ONLY ONES WITH THIS HIT.
DENNIS
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Dennis you are the first person I have heard that has the same issue as me on the SPP program... I know that when I retired I was informed that the only part of my pension that was under non qualified status was the SRP// If you get a chance drop me an email at rearle67@yahoo.com as I have a couple of questions for you... thanks
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Can anyone please respond if there has been any news on the IPP (Income Protection Plan) benefits that people that were laid off prior to the bankruptcy? I know the NCRO did file a motion (1195) regarding this. I would really like to know if there has been any further clarification.
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HAS THE NCRO LAW FIRM INCLUDED THE SPP PENSION ALONG WITH THE SRP COURT FILING, SINCE IT WAS A SIMILAR PLAN FROM AMC?
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Dennis or anybody else with 'SPP'/'AMC' concerns: Do you have any documentation that describes what SPP is? Did it roll over into the the Chrysler SRP non-tax qualified plan? The reason I ask is that according to page 33 Appendix A in the 2008 Summary Plan Description - Salaried Employees' Retirement Plan booklet, the AMC and Jeep pension plans were merged into SERP effective Dec. 31, 1989. Is it possible the same thing happened to AMC SPP, that it rolled over into Chrysler's SRP?
If SPP is non-tax qualified and if it was rolled into SRP, it will be part of any litigation as stated on www.ncro.org as follows:
There will be next steps on how to proceed with (a) New Chrysler and (b) Old Chrysler with the SRP for the over 62 population, some of which we have started in motion.
Again, the question is: What documentation does anybody have that specifically spells out what SPP is as it pertains to your pension?
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Have you tried Benefits Express? Many members have been successful getting thier questions answered through BE. Have there been issues getting through? Yes. But for the most part, BE has been helpful.
Even if you are not a retiree or active employee, you should be able to talk to someone on one of the following hotlines:
Benefit Express Service Center for Employees: Employees who have benefit questions should contact the Benefit Express Service Center directly. You can access the Benefit Express Service Center through Dashboard Anywhere or by dialing 888-456-7800 (for US and Canadian callers) and 847-883-0586 (for International callers outside the US and Canada). The hours of operation for the Benefit Express Service Center are Monday – Friday from 8:00 a.m. EST – 4:00 p.m. EST.
Benefit Express Service Center for Retirees: Retirees who have benefit questions should contact the Benefit Express Service Center directly. You can access the Benefit Express Service Center through www.chryslerretiree.com or by dialing 888-409-3300 (for US and Canadian callers) and 847-883-0586 (for International callers outside the US and Canada). The hours of operation for the Benefit Express Service Center are Monday - Friday from 8:00 a.m. EST - 4:00 p.m. EST.
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I just completed researching my paperwork which was issued on 2/6/2005 by Benefit Express .. This document is titled " Retirement Plan " Confirmation Statement. I received this document one month after retiring and it was issued as a confirmation of all the information I had selected on my Pension Election Forms.
This letter identifies all the programs which make up my pension... It has a line item which spells out the funds to be paid from the SRP program... In addition it has a seperate line item which details the funds to be paid from the AMC Supplemental Pension Program ( SPP ) It does not appear that the SPP program was rolled into the non qualified SRP program.. I was not informed that this part of my pension was considered non qualified..
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I WAS TOLD 0N 6/1/09 BY THE CHRYSLER PENSION DEPT. THAT THE AMC SPP PLAN WAS MERGEDD INTO THE CHRYSLER SRP ABOUT 10 YEARS AGO. THEREFORE IT IS CONSIDERED A NON-QUALIFIED PLAN, SO IT JOINS THE LONG LIST OF CREDITORS OF THE OLD COMPANY
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I hate to be a broken record here but I do see responses for other questions and I would really just like a short response about the IPP benefits for the people laid off prior to the bankruptcy. I know I am not a retiree yet but I have contributed $75 to the defense fund and also paid $25 for a membership and I do appreciate the fact that someone at least mentioned people in my situation 29 years of service laid off involuntarily 49 years old way to early to retire and too young for any package. These IPP benefits mean a lot to me (may mean the difference in keeping my house) I just want to know if it has been clarified whether the people that were getting IPP and TAP prior to the bankruptcy whether we are never going to get the remaining benefits (6 months of my old pay). I would really appreciate any response even if you don't know.
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Michael,
In short, we do NOT know the answer to your question about IPP and TAP. I know what IPP is, but please define TAP. I will make sure the attorney is asked the question. I don't know if he can answer right away or not. But I would suggest to you, as I have others, that you also contact Benefits Express and then post back on this blog the response, or lack of, from Benefits Express. We will also get back to you via this blog as soon as we have something to update.
The overall court process takes time and we do not get answers immediately. We ask every question posted here and when contacted directly. The answers are just slow in coming.
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Rex,
I've searched high and low and cannot figure out how to sort with the latest comment first. The NCRO gets to use this blog site 'free of charge' and therefore some of the features of a pay site are not available. We do what we can to save money so we can use it for more valuable causes. Thanks for the great suggestion.
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What action, if any, have the NCRO lawyers taken with respect to the unpaid SRP installments? In order for the debtor to assign the obligation to the New Chrysler, any defaults have to be cured by payment of cure costs. No payments have been made under the SRP since the date of the bankruptcy filing. Many other creditors whose contracts are being assumed have filed limited objections seeking clarification/correction regarding their respective cure payment rights. I think it's necessary to clarify that the assuming entity will pay requisite cure costs, and I assume the only way to do so is to file a limited objection to the assumption and obtain the New Chrysler's assent to make such payments as a condition of assumption of the SRP obligations. Have our lawyers been tasked to do so?
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From Mike Kane, VP - Public Relations and Communications - NCRO
As we know it right now:
The status of your check depends on the type of retirement you have, how many years and age at time of retirement and what the details of your package were.
Here is my understanding of the final action by Chrysler based on their commitment to the court.
First, you should receive your check for the "qualified" portion of your pension June 1. Second, I assume you have some SRP. If so then
that has not been transferred in it's entirety by the company to the new company. Only a portion has been transferred. If you are under
62 you will continue to receive it until you reach 62. It will not be paid until July 1 and we do not believe it will be retroactive. If
you are over 62 then Chrysler has decided not to transfer it to the Newco. We will be fighting them in court to regain some of this but
they left it in the old company will many other liabilities. We will be in the same boat as hundreds of other unsecured creditors fighting
for what little assets were left behind. It is unlikely that we will see more than 3 - 5 % of these funds.
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Thanks, Mike for your response. I do understand that SRP is being assumed for those 62 and under and I would expect payments to commence again once the sale is completed. My comment was with regards to retroactivity. My understanding is that in order for contracts to be assumed and assigned (to the extent they are deemed executory contracts), all past due payments must be cured as a condition to the debtor's ability to assume and assign. The issue is one for our lawyers and the question is whether they intend to seek to require cure payments as a condition of the assignment of the SRP obligation to the New Chrysler. Have their been discussions with our lawyers on this aspect of the assumption?
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Michael - I called Chrysler HR regarding the IPP and they could not provide any information other than what was on the restructuring website. Without a response from Chrysler or the NCRO, I did my own research. The following docket numbers, if you care to review them, may be of interest to you: 1963 (Annex B), 2155 (pgs 20-21) and 2565. They seem to indicate the assumption of the TAP and IPP by New Chrysler. Also, recent sale order documents such as those included in docket 3070 (Exhibit A, pg 3) and 3232 (main document) continue to list employee agreements contained in 2155 and 2565 as part of the Purchase Agreement. Hopefully, an official update from the NCRO lawyer and/or New Chrysler regarding TAP and IPP benefits will be available soon. In the meantime, I hope the above information helps.
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We had a conference call this morning with the attorney. I presented the IPP/TAP concerns to him. He is very positive that the new Chrysler is assuming the costs related to IPP/TAP for past and present employees, but promises to verify this ASAP.
He referenced several of the dockets that you included as 'proof'.
I will post his response as soon as I hear back from him.
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Thank you!
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I would like to thank everyone for the responses to my questions on IPP benefits for laid off employees prior to the bankruptcy
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Thank you too. I am one of the IPP people that have been looking for an answer. No income since before 5/1. I will contribute to NCRO (and join as a retiree) as soon as able. Again thanks
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I have received today 3 letters from EPIC:
"Notice of Chrysler LLC, et al. Chapter 11 Bankcruptcy Cases, Meeting of Creditors, and Deadlines"
I am reciving:
CPP, SERP and HRA (1850+1760)
What I need to do?
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From Benefits Express (BE)- this response to a question I had.
For those that retired November 2008, and I think, in general, were grade 93 and below and are under 62, the Temporary Supplemental Amount (TSA) is not the same as the SRP which the NCRO is currently referencing. According to BE, the TSA will continue to be paid by New Chrysler NC, unless the whole pension liability is handed over to the PBGC. Assuming the NC can continue to fund its retiree obligations, this feedback suggests the TSA will continue to be paid. Feedback welcome and sought. Thanks.
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I have a Separation Agreement with old Chrysler that I signed last October. I'm a laid off exec that was being paid TAP until I turned 55. I just turend 555 so my pension is supposed to begin July 1, 2009. BE confirms this.
My question is, my name is on a list in docket 1963 Exhibit (A or B) along with other designated seaparation agreement laid off employees. I think it reads that the new company will cover my separation document as it was written but some of the verbiage is too "legal" for me to understand. Cure cost shows $0. Please have lawyers explain if I am infact protested and why is cure $0 ?
Thank you for your immense help. The NCRO is literally a life saver.
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The NCRO is having a Special Bankruptcy Informational Meeting on June 12, 2009.
Please go to http://www.ncro.org/eventsx.htm for all the details to reserve a spot.
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According to the NCRO attorney, IPP and TAP funds won't get reinstated until the bankruptcy is approved. Currently, there is a delay in finalizing the bankruptcy. Please visit http://www.ncro.org/bankruptcy.htm and see the article under the heading Chrysler Bankruptcy - in the news
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Chrysler sale to Fiat delayed by Supreme Court.
The U.S. Supreme Court will delay the sale of Chrysler to Fiat while the court reviews the constitutionality of the sale.
http://voices.washingtonpost.com/economy-watch/2009/06/supreme_court_holds_up_chrysle.html?hpid=topnews
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Supreme Court allows Chrysler sale to Fiat. The Supreme Court on Tuesday cleared the way for the U.S. government-backed sale of Chrysler LLC to a group led by Italian carmaker Fiat SpA.
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For those of us that cannot be at this Friday's meetings, can the presentations be posted to the NCRO website?
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All sides will be available on the website in short order after the meetings.
We will also have a video of the presentations posted on the website as well. It takes awhile to get the video back from the editing company, so please be patient.
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I know there are a lot of retiree related issues yet to be resolved and I thank NCRO for addressing them. I live out of the Michigan area and I have not gotten any answer other than "Unlikely" and "Don't count on it" even after the sale to Fiat, concerning resumption of IPP payments. I'm sorry to bother you, but you have been the only source of any decent information concerning this matter. So if you can pass on any creditable information. Thank you and God bless.
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Per the NCRO Attorney, IPP, TAP, LTD etc. payments will be resumed retroactively July 1 or August 1 at the latest. The 'new' Chrysler committed to these payments in court.
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NCRO Leadership:
I would like to commend you with repeat applause following today's excellent update meetings!(12 June) Well done! Sure, we missed Tom Austin today, but pleased to meet the lead guy of our supreme legal advocate team, Trent Cornell, and to learn that Deb M has volunteered her expertise.
Reiterated today is the message that we salaried retirees are as secure as the new Corp. is secure. Also echoed, NCRO must grow ourselves bigger, while always supporting the product.
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Thank you and again may God bless you all.
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I would also like to thank the NCRO for their efforts on the behalf of people like me that were laid off in September 2008 after 29 years of service. I am not a retiree yet but I really do appreciate this organization doing something for me. God bless you.
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My error! Our guy is CHUCK AUSTIN who is not Tom whom some of us know at a west coast environmental quality contracts firm.
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finishing prior message...
Is there a FAQ with answers that can be put together for those unable to attend the 6/12 meeting? I appreciate your efforts.
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We will have the video from the meeting, including all questions and answers, posted on our website as soon as we get the video back from the videographer.
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Although there is a group of us (approx. 250) who are non-union, non-retiree folks on LTD, may we be included for information purposes in your FAQs? Thanks to the NCRO and particularly your great lawyer Jon Cohen we were able to locate other members of our non-official but related by our common situation (LTD) group.
With kindness and guidance your org. motivated us to file a Pro Se Motion which the Court scheduled, heard and the company attys. with honest reviewed and with the Court's integrity formed an agreement for the "New Chrysler" (Fiat) to acquire our collective liability as part of the "List of Plans" that they also acquired. This action enabled us to get bounced checks replaced and disability payments continued without any noticeable break in service. Without the NCRO's mentoring and Sedgwick's follow-up, Chrysler's honesty and the Court's integrity (particularly Judge Gonzalez) none of this wouls have happened. Thank You and stay strong by staying informed and fully represented!
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I wanted to add to my last posting that one of your members and also an LTD recipient, who is an incredible human being, helped move Heaven and Earth to get our circumstance before the media (in this case ABC News).
Keith Maze, a severely disabled LTD retiree who has had most of one arm removed, cancer, pins in his neck and back, and a heart attack, rose from his personal pain and held an incredible press conference in Huntsville, AL on ABC News. Keith put a face and great pain to our situation which allowed me to discuss him and ABC in open court with Judge Gonzalez. Is it just me or is this NCRO group made up of some of the strongest SOB's in the world?
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Please find out from outside counsel if age 62 and above former recipients of SRP should go ahead now and file individual proof of claims in BK Court so as not to lose their right of recovery while NCRO outside counsel tries to get the unsecured status of all SRP age 62+ recipients moved up to administrative. Please advise. Thanks.
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WILL NCRO HAVE REPRESENTATION AT THE CREDITORS MTG SCHEDULED IN NEW YORK CITY ON JUNE 22,2009 ON SALARY RETIREE ISSUES?
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Attention Chrysler Finance Corp. Retirees
One of our officers had a conversation with HR at CFC. You should have received a document recently that included the following:
- CFC is not in bankruptcy and is separate from Chrysler LLC.
- CFC began transferring assets and participants from the base, ESERP and SERP plans starting in 2007 to CFC equivalent plans. The transfer continues.
- SRP plans remained with Chrysler LLC
- ESERP and SERP plans were combined as SERP at CFC
- CFC continues to provide life insurance for Salaried Retirees.
- CFC retirees should contact Employee Connect (their version of Benefits Express) at 866.269.3921 for questions.
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Per our attorney: There is no deadline-the post-62 retirees would be well served to hold off until we try to get some direction from the UST/UCC about an organized way to proceed for the benefit of the retirees.
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Chrysler's June 12 letter to post-age 62 SRP recipients states "...you will no longer receive a benefit from the SR". For U.S. federal income tax purposes, how can we quantify a long term loss ? Our monthly forfeited SRP payment for how many years ? Some other formula ? I realize you're not a tax adviser, but how does one calculate the loss, assuming it is a loss that can be deducted ? Any help will be appreciated.
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Fred: VERY GOOD QUESTION. IRS says "If someone owes you money you cannot collect, you have a bad debt. You may be able to deduct the amount owed to you when you figure your tax for the year the debt becomes worthless". Then a few paragraphs down, the IRS says "....if your are a cash method taxpayer, most individuals are, you generally cannot take a bad debt deduction for unpaid salaries, wages, rents, fees, interest, dividends, and similar items". The term "GENERALLY CANNOT" is not definitive. Other information suggests you take a loss as a short term loss on Schedule D with attached explanation. Professional help required, and with the tax code as it is, I would not be surprised to get conflicting guidance from various tax professionals. Determining the amount of loss is a issue onto itself. Was the SRP to be paid for life? One option would be to claim a loss and see if the IRS lets it fly. The downside to that is if the deduction is disallowed, we are subject to the tax owed plus interest from the date of filing to the date of receiving the dreaded IRS letter which can be several months or even a year or so. From past experience whether or not a deduction is allowed is dependent upon the person reviewing the return and their perception/knowledge of tax law and sometimes they are wrong.
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Let me get this straight. The US tax payers gave $3500 for a foreign clunker to buy a new foreign car made in a foreign country by non-tax paying auto workers. Wasn’t the cash for clunkers law passed to stimulate US jobs? What clueless bozos sign this bill?
Joe Merriman
Belleville Illinois
6182355528
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I just received 3 bankruptcy claim forms regarding OldCo. Are we all getting these? Do we need to complete them as there is an are to check off for claiming "Retiree benefits as defined in 11 U.S.C. 1114(a)"???
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Received a communication from Bankruptcy Court today with a claim form to file with the court. As a retiree, what claim are we filing? Not sure how to complete this form. Any advice from OGC retirees?
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Would appreciate guidance in filling out bankruptcy claim in connection with lease car reimbursement--classified as employee benefit or is there another classification for lease reimbursement. Thanks
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I, and others I've talked to, have received an OldCo claim form today, 8/24. On my claim form they have entered a claim for me for the monthly SRP amount that I lost. In addition, should we be making claims for anything else, like 1) the temporary part (SS) of our pensions, 2) SERP, 3) Extended Service contracts on cars we own, 4) Health care benefits, plus any other claims I don't know of, or things they might take away?????????
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I received two letters today from the bankruptcy court. The letters mention a claim amount, but the form is blank except for my name and address. Are they asking us to claim the value of our pensions? If so, how can this be determined?
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Why then does the letter state in section 1.(a) "required to file proofs of claim by the General Bar Date(i.e. by September 28, 2009 at 5:00 p.m. Eastern Time)."? It would seem this is giving us directions to file this claim by that date. Why else would they have sent this to us?
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Further to my note from yesterday, it appears I have received one form for each of the pension sources I am currently getting payments from. Chrysler, AMC and SERP. I am concerned that if I do not file this (and my forms and letters reflect no dollar amount) my pension will stop.
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This is not what I received. The letter is titled,"Notice of Deadlines for Filing of Proofs of Claim." The deadline being September 28th. I see two check boxes that probably apply: Item #1 - Retiree benefits, Item #4 - Contributions to an employee benefit plan, but what would be the dates and amounts of these claims? Also, there are two notices, one listing my last name and first name in that order, the other listing first name, middle initial, and last name. Is this the same thing or should I fill out both to be sure.
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My documentation also specifies a due date of September 28. I would just fill out the Proof of Claim form and send it in except that I think the amount of my claim as determined by Chrysler is incorrect. The amount shown on the form is the full amount of my pension payment for one month. They are going to owe me a lot more than one month's pension payment, but that is not the only problem. Until age 62 and 1 month I am drawing 100% of my pension from the SRP fund and supposedly Chrysler has agreed to keep paying that until age 62 and 1 month. Therefore, what they will owe me is really the post age 62 SRP amount which is much less per month, but still significantly more over the remainder of my life than the amount of the claim. I really need legal advice on this. Can the NCRO attorney provide any guidance on how I should deal with this problem?
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This was a notice of hearing sent to all salaried retirees with a filing deadline of September 28, 2009. It is our opinion that this Proof of Claim filing pertains to SRP (Supplemental Executive Retirement Plan Nonqualified Plan) recipients only. However, until we hear from our attorney, we cannot say with 100% certainty.
We are in contact with Trent Cornell, our attorney, and to date he has petitioned for a seat on the Creditor's Committee and he is putting a procedure together for making claims.
No action is needed by retirees as of now. Updates from our attorney will be posted on the website at http://www.ncro.org/bankruptcy.htm under the “Legal” section.
the NCRO Board
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This was a notice of hearing sent to all salaried retirees with a filing deadline of September 28, 2009. It is our opinion that this Proof of Claim filing pertains to SRP (Supplemental Executive Retirement Plan Nonqualified Plan) recipients only. However, until we hear from our attorney, we cannot say with 100% certainty.
We are in contact with Trent Cornell, our attorney, and to date he has petitioned for a seat on the Creditor's Committee and he is putting a procedure together for making claims.
No action is needed by retirees as of now. Updates from our attorney will be posted on the website at http://www.ncro.org/bankruptcy.htm under the “Legal” section.
the NCRO Board
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This was a notice of hearing sent to all salaried retirees with a filing deadline of September 28, 2009. It is our opinion that this Proof of Claim filing pertains to SRP (Supplemental Executive Retirement Plan Nonqualified Plan) recipients only. However, until we hear from our attorney, we cannot say with 100% certainty.
We are in contact with Trent Cornell, our attorney, and to date he has petitioned for a seat on the Creditor's Committee and he is putting a procedure together for making claims.
No action is needed by retirees as of now. Updates from our attorney will be posted on the website at http://www.ncro.org/bankruptcy.htm under the “Legal” section.
the NCRO Board
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This was a notice of hearing sent to all salaried retirees with a filing deadline of September 28, 2009. It is our opinion that this Proof of Claim filing pertains to SRP (Supplemental Executive Retirement Plan Nonqualified Plan) recipients only. However, until we hear from our attorney, we cannot say with 100% certainty.
We are in contact with Trent Cornell, our attorney, and to date he has petitioned for a seat on the Creditor's Committee and he is putting a procedure together for making claims.
No action is needed by retirees as of now. Updates from our attorney will be posted on the website at http://www.ncro.org/bankruptcy.htm under the “Legal” section.
the NCRO Board
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I received no letter and I was getting paid money from SRP but I am over 65. Should I be contacting someone. Don't want to get left out again.
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There is no excuse for Chrysler or their legal reps for keeping us in the dark about this. We are owed an explanation from Nancy Rae's group. The way I've been treated since I left the company last November makes me ashamed to say I worked for them. Perhaps we should take them to court. As previously mentioned, it seems this is the only way to get their attention.
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I agree with you on this one. If you look at the SRP funding of two years ago, the fund interest more than payed for the benefits.
Now that Chrysler's assets are only a few billion less than their liabilities, it is obvious that they stold the money because they thought they would get away with it.
Bankruptcy law should not shield any party from unethical behavior.
Also, I retired in october 2004 when Daimler basically controlled everything going on at Chrysler, at least from a financial perspective. As far as I am concerned, Daimler oversaw who would be gauranteed the SRP (thru the hartford annuity) and who would not.
We need to find something illegal about this or something that says they discriminated against our group of retirees who are getting ready to loose our SRP at 62 plus one.
I think we need to sue Daimler. I am not a lawyer but suing the old Chrysler or the new Chrysler may not do any good.
Regards
Vince Sammut
I find this very distressing that some people were protected and others like ourselves were not. Why not?
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Just posted to the Chrysler Retiree Website (www.chryslerretirees.com)....
"Chrysler Restructuring Announcement
Attention: Many of you are receiving "Proof of Claim" forms from Epiq Bankruptcy Solutions.
Those letters are a legally required notice by the Bankruptcy court. Pension Benefits, Health Insurance and Life Insurance have all been transferred over to the new company. Unless you have some other issue, there is likely no need for you to file any claim.
(If you needed to use the form, you would have known and been waiting for it.)
For information related to Chrysler LLCs restructuring announcement,
click here http:// www.chryslerrestructuring.com
or call the toll-free hotline 877-271-1568"
This should help many of us know we do not need to file.
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Received my second claims letter and proof of claim form today, 8/27. The 1st one had one month's SRP preprinted in a box in the top 3rd of the form. (I'm over 62 and my SRP portion of my pension has stopped.) The form received today has nothing preprinted. Can't anyone tell us why we are getting these and advise us accordingly. I getting nervous that Chrysler is about to pull the plug on everything we have and that's why we are getting these claim forms.
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As mentioned, lawsuits or letters from lawyers are the only way to get the bastards running corporate America to stop unethical behavior. I sat in the same room as the current leaders at Chrysler and know their personal agendas come first.
If ONE thing is changed regarding our pensions, the deal should be everyone has an option to return to work and be made whole for the time off. There are many retirees that would not have taken the deal if they knew the agreement would be changed this radically in a relatively short time period. The line, "retirement benefits are subject to change based on...." is BS. As you mentioned, our pensions were in fine shape until incompetent Chrysler execs grounded the ship. They robbed the pension fund without notification and this fact makes the "subject to change" line null and void. They should have clearly disclosed what they were doing to the pension fund and the effects it would have on anyone considering retirement before offering ANY retirement benefit, deal or reduction. In this respect, I'm unsure just what Trent (lawyer) is pursuing.
The sad part about all if this is the execs get this attitude from elected government leaders who think it's OK to place personal agendas first and steal whatever they can grab. Morons in government took kickbacks from Honda and Toyota to get them into the "Clunker" program and it just isn't going to stop until they do jail time. Heading the list should be LaSorda, Nardelli and Press (who is now contemplating if he can even sell a used car at your corner lot. If he had to live off commission and our retirement benefits, perhaps he would have been more motivated to do his job).
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from http://chryslerretirees.com/
Chrysler Restructuring Announcement
Attention: Many of you are receiving "Proof of Claim" forms from Epiq Bankruptcy Solutions.
Those letters are a legally required notice by the Bankruptcy court. Pension Benefits, Health Insurance and Life Insurance have all been transferred over to the new company. Unless you have some other issue, there is likely no need for you to file any claim.
(If you needed to use the form, you would have known and been waiting for it.)
For information related to Chrysler LLCs restructuring announcement,
click here http:// www.chryslerrestructuring.com
or call the toll-free hotline 877-271-1568
Also find more information on The Scoop
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http://chryslerretirees.com/
Chrysler Restructuring Announcement
Attention: Many of you are receiving "Proof of Claim" forms from Epiq Bankruptcy Solutions.
Those letters are a legally required notice by the Bankruptcy court. Pension Benefits, Health Insurance and Life Insurance have all been transferred over to the new company. Unless you have some other issue, there is likely no need for you to file any claim.
(If you needed to use the form, you would have known and been waiting for it.)
For information related to Chrysler LLCs restructuring announcement,
click here http:// www.chryslerrestructuring.com
or call the toll-free hotline 877-271-1568
Also find more information on The Scoop
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Please visit http://www.ncro.org/bankruptcy.htm#LEGAL for the latest information from our attorney on filling out the proofs of claim forms. Please remember, the NCRO CAN NOT provide any legal advice on this or any other matter. Please consult your own attorney if you have any additional questions.
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Thanks to the NCRO leadership, and the attorneys you've hired, in assisting retirees in completing the proof of claims form. The information provided was timely and easily understood.
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On behalf of the NCRO leadership, we appreciate the 'Thank you'!
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Should Proof of Claim forms be filed for losses in health care benefits such as Retiree Choice? In my case, pre-bankruptcy I paid $194/mo, post bankruptcy I now pay $419/mo. This is more substantial than my SRP loss.
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The OldCarco claim form lists a proof of claim. That is not addressed in the sample on our website.
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Who is responsible for payments for those on Medicare to the Health Care Retirement Account? Is it the old company, the one in bankruptcy, or the new Chrysler?
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I am looking for the Attorney that represented the 23 Chrysler workers in the lawsuit for the Salary workers in Detroit. They won their case to accept 90% of their pension instead of 40%. They were walked out early in their career. Same thing happened to us at GM salary workers. They walked all of us out everyone under 53 yrs. old and we received 30% of our pension with 27,28,29 years seniority. What a way to save money. Anyone know this attorney would be great. My email is www.gchomes123@gmail.com
Thanks,
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Those of us that had SRP as part of their monthly pension were told to file a Proof of Claim by the end of September.
I recently received a NOTICE OF DISCLOSURE STATEMENT HEARING, presumeably as a result of my filing of the Proof of Claim and I find the information difficult to interpret.
I also presume that others may have gotten the same correspondence that filed a Proof of Claim?
Can anyone shed some light on the information in this document or if we're required to respond in some way?
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Does NCRO have any comments regarding last week's Old Cargo court decision? Any other SRP information?
Gary
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I'm in the same situation as Desert Rat.
JB
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D0es NCRO have any guidance re material sent from bankruptcy court along with cd? thanks for all your past efforts.Len
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Today I received three letters from the Old Carco LLC which included three ballots for accepting or rejecting the second amended joint plan of liquidation of debtors and debtors in possession.
Like most retirees my claims are classified as Class 3A General Unsecured Claims..
I wanted to ask if the NCRO Legal Attorney is involved in this item and has any instructions for us in preparing our response.. The voting deadline to accept or reject the plan is 5:00pm on March 2 2010...
Any direction you could provide in this issue would be greatly appreciated... thanks
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Has anyone received their W-2 from Chrysler yet? I am still waiting and since I am in Florida thought it could have gotten lost. Thanks
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Tom,,, I also live in Florida and received all my W2 and 1099 info from Chrysler last week.. If you are having mail forwarded from Michigan it will take an extra week...
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Subject: Old Carco's Second Ammended Joint Plan of Liquidation acceptance / rejection voting ballot:
For those retirees who submitted to Old Carco (as Unsecured Creditors)for recovery of SRP pension payment amounts which had been excluded from their pay, what is the NCRO conventional wisdom and general concensus as to whether to vote ACCEPT or REJECT on Old Carco's Second Ammended Joint Plan of Liquidation ballots? The ballots are due returned by March 2nd.
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I have them same question as DCX35.
JB
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NCRO attorney to provide analysis with respect to voting on unsecured claims documents.
Attorney recommendation and analysis will be posted on our website immediately upon receipt.
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I received two "Notice of Deadline for Casting Votes . . . " from the U.S. Bankruptcy Court. I'm sure that this is for my claim for stopped SRP payments. The notices talk about ballots but I have received no ballots. I understand that they are green and come with a instructional CD. Who should I contact to get these ballots?
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Please contact the solicitation and tabulation agent Epiq Bankruptcy Solutions, LLC at toll free phone number (877)271-1568
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The NCRO's attorney answers questions about the implications of accepting or rejecting the Amended Joint Plan of Liquidation. Please visit www.ncro.org and click on the link in Breaking News or visit
http://www.ncro.org/bankruptcy/bankruptcy.htm
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I am retiree of who has filed a claim against Old Carco. I received this week in the mail a Claim Objection. This objection will reclassify my claim to a "general unsecured nonpriority claim". Has any one else received a similiar objection? What is the NCRO attorneys recommendation?
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