BY U.S. SENATOR
Last week, we were able to win a small, but important victory for the 20,000 families of Delphi salaried retirees who lost up to 70 percent of their pensions because of the actions of the Obama Administration. I was able to secure an amendment in the Finance Committee that will extend the Health Coverage Tax Credit (HCTC), legislation that will help Delphi retirees attain affordable healthcare. Often the HCTC serves as an important bridge for older Americans who lost their pensions until they become eligible for Medicare benefits, covering 72.5 percent of their premiums. But on January 1, 2014, that tax credit expired.
Extending this credit is the least we can do for these families who lost everything as a result of the auto bailout. In the summer of 2009, as the government took GM into bankruptcy, the Obama Administration terminated the pension plans covering thousands of Delphi workers.