BLOOMBERG -- The U.S. government urged General Motors Co. (GM) to improve pensions of some Delphi Automotive Plc (DLPH) union retirees while cutting those of salaried workers to help ensure a speedy emergence from a GM bankruptcy, the watchdog of the Troubled Asset Relief Program said.
As part of the bailout of GM and Chrysler Group LLC in 2009, the Treasury Department used some money for a so-called top-off of pensions for hourly employees at auto-parts supplier Delphi, which GM spun off in 1999. Salaried Delphi retirees had their pensions cut as part of the agreement.
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