Calling All Former Employees to Rally at Queen's Park on 15 Sept 2010

On Sept. 30, 2010, the Nortel Defined Benefit Pension Plans will become orphans. The Financial Services Commission of Ontario (FSCO) will then take over as required by current law. 

Unless the Ontario government takes prompt action, Nortel's pensioners will then lose 36% of their pensions and possibly even more.  A major part of their loss occurs because, under current regulations, FSCO will simply wind-up the pension funds by converting them to annuities.  This forever locks-in the existing pension deficit and it adds major penalties, because the cost of annuities is presently at the worst they have even been in 25 years with no relief in sight.  It is the worst possible outcome for Nortel's pensioners, who will also be hit with the loss of their health and life insurance benefits.

Nortel Retirees and Former Employees Protection Canada (NRPC) is demanding that the Ontario government change its regulations and stop these automatic wind-ups.  The added benefit of having members of the CFP organization supporting regulation changes is putting even more pressure on the Gov’t to bring changes. After all, It’s our money and it’s our pension. It’s should also be our call. 

Instead of locking-in the losses and buying expensive annuities, the plans should be professionally invested for the benefit of the pensioners rather than the insurance companies.  Alternatives should be available, to allow for the continuation of a much higher monthly pension and give the funds a chance to recover in value as the economy improves. It will provide more money for pensioners, save unnecessary disbursements from the PBGF (Ontario’s “Pension Benefit Guarantee Fund”) and also save costs to the Ontario taxpayer by keeping pensioners out of the social security system.  In 2008, the government's own study of pensions recommended a similar approach but no action has yet been taken.

The money left in an "Orphan" Pension Funds is the property of the pensioners. It does not belong to the government of Ontario (FSCO).  Pensioners must be allowed to decide how their money is managed!

Queens Park Rally:

Date:        - September 15, 2010

Time:        - Noon   - for one hour

Message: - "It’s our money – It’s our pension – It’s our call”

Other groups participating: CAW, Teamster, CFP and its affiliates and CEP. 

Dual MCs:

• NRPC: Mike Campbell,
• CAW: Bob Nickerson.

Speakers:

• NRPC Nat’l President, Don Sproule 
• CAW Nat’l President, Ken Lewenza 
• CFP VP ON affairs: Jack Walsh 
• Genmo Pres. Brian Rutherford

Petition:  - click article for description of the Petition

Buses:

Getting there from the Greater Toronto Area

• For those living in Toronto itself (ie the 416 area code), you are asked to use public transport (subway and/or GO train) to get to Queen’s Park

• For those living further out,

(1) If you live near the Lakeshore GO train corridor, it is recommended to get to Queen’s Park by GO train & subway (University line)

(2) For other locations outside the 416 area code, bus transportation is being provided to Queen’s Park and back. Registration is required in advance to reserve a seat on the bus (so that we have an idea of the total numbers attending) Register as many people (family, friends,etc) as you want, the larger the crowd the more impact on the politicians.

To register you may:

Get a call from an organizer to arrange your registration

Call either contact number for the GTA 905-823-8924 or 905-458-8606 and leave your name, city, phone number and e-mail address so we may contact you

(Please note: If you are already registered to attend, there is no need to call again)

Getting there from Kingston

Departure location: Invista Center (Arena), 1350 Gardiners Road, Kingston, East end of parking lot.
Contact: Barrie Gunhouse 613-549-8138

Getting there from Belleville

Departure location: Former Nortel Networks Building, 250 Sidney Street, Belleville, back parking lot.

Contact: Darwin Hoskin   613-967-0536

Getting there from London Area:

Two departure locations and one pick-up point have been arranged:

CAW Local 27 –606 First St. London ON. N5V 2A2

(Just south of Oxford St. on the East side)

CAW Local 1520 –6688 Tempo Rd. London, ON. N6L 1L9

(On the south-east corner of Hwy 401 and Talbot Rd, formerly #4,intersection)

Pick-up at CarPool Lot at the intersection of Hwy 401 and Hwy 19

(On the north-west corner of the intersection)

To register for a seat on the bus you may:

• Call 519-691-2483 and leave your name and telephone number and we will call back

• E-mail This e-mail address is being protected from spam bots, you need JavaScript enabled to view it

Getting there from Kitchener-Waterloo, Cambridge and Guelph

One departure location and one pick-up point has been arranged

The bus is free but you are responsible for your own food and refreshments

Departure time 8:45 AM

Kitchener, Fairview Mall (location at site to be confirmed)

Pick-up time 9:30 AM

Guelph, Stone Road Mall (location at site to be confirmed)

To register for a seat on the bus you may:

• Receive a call from a volunteer

• Call 519-691-2483 and leave your name and telephone number and we will call back

• E-mail This e-mail address is being protected from spam bots, you need JavaScript enabled to view it

Getting there from Ottawa Area:

NRPC has rented a 50-seat bus to go to Toronto and back on September 15 so retirees and supporters from the Ottawa area can attend the upcoming rally at Queen's Park.  Please email Tony Marsh at This e-mail address is being protected from spam bots, you need JavaScript enabled to view it or phone at 613-832-4817 ASAP if you would like a seat on the bus. First come, first served. Spouses are welcome. 

About this petition:

SAVE OUR PENSIONS!

On September 30, 2010, the Financial Services Commission of Ontario (FSCO) will take over Nortel's Defined Benefit Pension Plans. Unless the Ontario government takes prompt action, Nortel's pensioners will then lose 36% of their pensions and possibly even more. A major part of their loss occurs because, under current regulations FSCO will simply wind-up the pension funds by converting them to annuities. This forever locks-in the existing pension deficit and it adds major penalties, because the price of annuities is at a 25 year high with no relief in sight.
It is the worst possible outcome for Nortel's pensioners, who are also being hit with the loss of their health and life insurance benefits.
Nortel Retirees and Former Employees Protection Canada (NRPC ) is demanding that the Ontario government change its regulations and stop the wind-up. Instead of locking-in the losses and buying expensive annuities, the plans should be professionally invested for the benefit of the pensioners. This will allow for the continuation of a much higher monthly pension and give the funds a chance to recover in value as the economy improves. It will provide more money for pensioners and save costs to the Ontario taxpayer by keeping pensioners out of the social security system. In 2008, the government's own study of pensions recommended a similar approach but no action has yet been taken.
The money left in Nortel's Pension Funds is the property of the pensioners. It does not belong to the government of Ontario. Pensioners must be allowed to decide how their money is managed!

NORTEL PENSIONERS ARE CALLING ON ONTARIANS TO SUPPORT THIS PETITION

IT'S OUR PENSION - IT'S OUR MONEY - IT'S OUR CALL REMEMBER - YOU COULD BE NEXT!

Instructions for completing this petition:
 Petitioners must be residents of the Province of Ontario since the petition is targeted at the Governement of Ontario; it is acceptable for petitioners to be under the age of majority.

 A petition must contain original signatures only, written directly on the face of the petition.

 Each person petitioning the Legislative Assembly must print his or her name and address and sign his
or her name under the text of the petition.

 Complete and sign the petition ensuring all the required information is given and accurate.

 Please encourage family, friends and other Ontarians to sign the petition and support pensioners in
having a say in what happens to with what is rightfully theirs - the pension they earned

 Do not hesitate to make and complete multiple copies of the petition page. The more people that sign
the better our chances of achieving a just result.

 Please do not put any marks, other than the information requested, on the petition
Please return completed signed page(s) to the NRPC no later than September 5, 2010 at:
NRPC

PO Box 21,

Dorchester,

ON N0L 1G0

Click FSM petition V3.21 for the petition itself.