Nortel Networks News

Nortel Negotiated Pension Plan Windup

By Ivon T Hughes
nortel-networks

Nortel Negotiated Pension Plan Windup 2015

newUPDATE: Nortel Pension Plan 2015 News

In mid September, FSCO approved the final windup plan for the union (negotiated) Pension Plan #0587766.

Morneau Shepell have now apparently decided to mail letters to the 8000 or so Union members around November 16th, 2015 explaining the status of each plan member. At the same time, each member will be advised of the date an information webinar will take place in their area.

Nortel Pension Plan Meetings

Also townhall meetings will be scheduled in the following Canadian cities of the Greater Toronto Area, (GTA), Belleville, London, Quebec City, Moncton, Vancouver and Calgary.

The 3 webinars will focus on the concerns of the varying provinces. A webinar will be held in each official language and later posted on the NRPC & KM's websites so that it can be viewed at the convenience of the Nortel member. Also a 800 information telephone number will be supplied.

Members of the Managerial and non-Negotiated Plan

The 14,000 members of the Managerial and non-Negotiated Plan (Reg. 0342048), will not receive any news at this time about their options. However they will have access to the union information. It is expected that the preliminary report for the latter group will be available in late October or early November.

About The Nortel Pension Plan Windup

For approximately 20,000 Canadian pensioners and former employees of Nortel Networks the long wait is over and you can start to receive your monthly income from your Nortel Pension Plan. On May 12, 2015, the Ontario Superior Court released a decision requiring the allocation of assets from the sale of Nortel's business and intellectual property be distributed based on a pro rata approach for the Nortel Pension Plan Windup.

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Ivon T Hughes

About the Author

Ivon T. Hughes

Ivon T Hughes is a leading expert in life annuities in Canada. His website LifeAnnuities.com is a recognized authority on annuities. He's also an established insurance and investment broker, through The Hughes Trustco Group since 1972. Recently, he's been redefining how annuities are sold in Canada.

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