Midland Daily News: McDonald Rivet aims to help Delphi retirees
A bipartisan group of lawmakers has introduced legislation to extend health care tax credits for retirees affected by pension reductions, including many in Michigan tied to the Delphi bankruptcy.
U.S. Rep. Kristen McDonald Rivet, D-Bay City, said that the Health Coverage Tax Credit Reauthorization Act would renew a program that subsidizes more than 70% of health insurance premiums for eligible retirees.
The proposal targets individuals whose pensions were taken over by the Pension Benefit Guaranty Corporation during corporate restructurings, including 21,000 former Delphi salaried employees. Many of those retirees saw significant reductions in benefits following the company’s bankruptcy during the Great Recession.
McDonald Rivet said the legislation is intended to help retirees who followed the rules but lost benefits through no fault of their own.
Supporters say extending the tax credit through 2030 would provide stability for retirees facing high medical costs. The credit expired at the end of 2021.
Co-sponsors from both parties emphasized the need for predictable health coverage options.