Sunday, 14 August 2011
Since its inception, the NRPC, together with our legal representatives Koskie Minsky LLP, has accomplishments which contribute to improving the situation for former employees of Nortel Canada:
- Got the courts to appoint Koskie Minsky as the legal representative for all former employees and to have Nortel pay their legal and actuarial costs
- Due to strong advocacy from Ken Lyons of the NRPC, the Quebec Legislature has updated Bill 1 so that it now applies to CCAA as well as BIA (in case Nortel never goes to BIA). This gives 3 options to people who retired in Quebec: annuity, LIF, or 5 year management by RRQ
- Through NRPC advocacy, Quebec Law 129 extends above for 10 year management
- Terminated employees without assets, after their EI payments are exhausted, may now apply to the Monitor for hardship payments
- The December 2008 pension plan valuation was carried out after pressure on FSCO by KM
- When Nortel rescinded 86% CV payment letters already issued, KM actions ensured that Nortel honoured all outstanding offers
- Arranged to have Nortel notify pensioners of the threat to their pensions by including a warning in their monthly pension statements
- Several webcasts and audio bridges hosted with KM hosted to inform former employees of their rights and the current court status. Hundreds of questions raised by attendees have been answered.
- When Nortel ended the life insurance and medical benefits for former employees at the end of 2010, the NRPC researched and negotiated alternative options for individuals to purchase as needed
- NRPC has ramped up the media attention to the plight of former employees
- Incorporated the NRPC to position the group for an expected longer term battle
- Implemented a strong advocacy campaign including over 85 personal meetings to ensure that all MPs and MPPs are aware of the pension issues and how many former employees of Nortel are in their own ridings
- Built the strength of the NRPC by growing paid membership to over 6800
- Convinced the Ontario Government to pass legislation that allows former Nortel employees different options beyond the standard pension plan wind-up through annuities.
Many more efforts are underway:
- KM and their actuaries are negotiating a fair claims process for former employees which should be ready by the end of October
- Provided draft regulations to Ontario to facilitate implementation of the regulations supporting the recently passed legislation which enables wind-up through alternatives to annuities
- NRPC has established and is fostering relationships with other pensioner organizations to bring our combined strength to influence governments
- Working with other provincial governments to implement wind up options similar to Ontario and Quebec.
- KM's approach of building bridges to other creditors has significantly improved the image, strength, and hopefully leverage of the NRPC in the eyes of the Court, Monitor, and FSCO.
Last Updated ( Monday, 22 August 2011 )