VEBA (Voluntary Employee Benefit Association)
Welcome to the Delphi Salaried Retiree Association Benefit Trust website. Our Association is a Voluntary Employee Benefit Association (VEBA) created April 21, 2009 by the US Bankruptcy Court during the bankruptcy of Delphi Corp. During the bankruptcy, Delphi sought to eliminate its retiree benefits obligations for its salaried retirees. The Court ordered the establishment of a Committee of Salaried Retirees (1114 Committee) to represent certain affected salaried retirees.
The final agreement established the following:
The 1114 Committee authorized the creation of the VEBA Committee
Delphi agreed to provide $8.75 Million up front total funding to the Trust
$1.0 Million of the funding was provided to establish a Hardship Fund
Eligibility to receive premium supplements from the Trust Fund is limited to only salaried retirees who were retired or eligible to retire on or before April 1, 2009
The Trust is qualified as a Single Employer Employee Welfare Benefit Plan under the Employee Retirement Income Security Act of 1974 (ERISA)
The Trust Agreement was amended such that it could provide its benefit plans to hourly retirees of Delphi and their dependents and survivors.
Click on the links below for document information pertaining to the following: