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Settlement Reached!

From the Koskie-Minsky website on 12 Oct 2016: 

After nearly 8 years of skirmishing among stakeholders, and financial hardship suffered by our constituents, the Court-appointed Representatives, together with the NRPC and CNELTD,  are very happy that a settlement has been reached which will pave the way to finally putting money into people’s pockets.

The victories secured in court, especially over the last two years, were the catalyst to this settlement which yields substantially more than any creditor group was prepared to concede in court to Canadian creditors.

The allocation of the roughly US $7.3 billion collected from the sales of Nortel’s worldwide businesses (the “lockbox”) has been settled, with some conditions. Pursuant to the Global Settlement and Support Agreement, the Canadian Estate will receive approximately 57% of the lockbox (US $4.143 billion). Some of the proceeds will be converted to Canadian dollars, and together with the funds currently in the Canadian Estate, will be made available to Canadian creditors through the claims process.

The Global Settlement and Support Agreement is subject to certain conditions, including court approval in Canada, the US and Europe, and creditor approval in Canada and the US.

Assuming that all conditions are satisfied, the Monitor of the Canadian Estate estimate that a payment on claims will be made in the first half of 2017.

Links That Might Help Your Decision

Since the Nortel bankruptcy is forcing the wind-up of the Nortel Pension Plans, many pensioners face complex, personal decisions on whether to convert their pension into an annuity or a Life Income Fund. Such one-time-only, personal financial decisions are best made with competent, financial advice. To supplement such advice, some pensioners have found online tools to be helpful in understanding their situation and alternatives. The NRPC can take no responsibility for the validity and accuracy of these sites or for any decisions that you might make based on these sites but only provides a link for your consideration. Use at your own risk. The NRPC is not able to provide advice on which choice to make. Note that the decision deadline has already past for those Pensioners in the Negotiated plan so this information is for the benefit of those in the Managerial plan.

2016 AGM Minutes Available

Members can now find the minutes from the NRPC 2016 Annual General Meeting in the Members Only / Documents / English Documents / General Information section.

Managerial / Non-negotiated Roadshows and Webinars

Here is the schedule for roadshows and webinars for those in the Nortel Managerial and non-negotiated pension plan.

Nortel Networks Limited Managerial and Non-Negotiated Pension Plan MEMBER MEETINGS AND WEBINARS

Member meetings and webinars will be held to provide Members with information about the options they have regarding the settlement of their pension entitlement.

In choosing which meeting to attend, please note that benefits earned are governed by the legislation in the province where the member was employed – if you were employed in more than one province, this means different legislation applies to different portions of the benefit – however, the law of the province in which you terminated employment determines the options you have on wind up.

Note: Due to limited seating, the meetings are for Nortel Managerial and Non-Negotiated Plan members and family only. Meetings are not open to the media or to financial planners.

Ont schedule English
Rest of schedule Eng

There are two ways to access the Webinars:

1. LIVE WEB (WITH AUDIO) PRESENTATION: Please access the webinar by going to Koskie Minsky's website at the following link: https://kmlaw.ca/cases/nortel-networks-corporation/#pension

You do not need to register for the webinar online but please ensure you don't have any issues accessing the above link at least a few days before the live webinar you would like to attend. Archived versions of the webinars will be posted 48 hours after the live webinar and will be available for a year after the presentation.

2. TELEPHONE ATTENDANCE: A dial-in audio-only option will be available to individuals who do not have internet access and wish to listen in to one of the three scheduled webinars. If you do not have access to the internet and wish to listen in, please leave a message on Koskie Minsky's toll free hotline at 1.866.777.6344 indicating your name, telephone number and that you wish to participate in a webinar by telephone. A Koskie Minsky representative will call you back to provide you with details about how to dial in. Please register by November 15, 2016 for any of the above webinars.