OTTAWA, Feb. 18, 2013 /CNW/ - Workers at Resolute Forest Products mills in
Ontario and Quebec today demanded that Quebec's pension regulator, the Régie
des rentes, and the company reach an agreement to resolve the solvency deficit
in the pension plan without any cuts to benefits.
"The company and the Régie must work out a plan in the coming weeks to solve
the funding problem for the pension plan. Our members sent a strong message
today that we will not agree to any cuts in pension benefits," said
Communications, Energy and Paperworkers Union President Dave Coles.
CEP local union delegates from 10 Resolute mills met in Montreal today to
review developments with the company's traditional defined benefit plan
covering about 3,500 active employees and 25,000 retirees.
Under the terms of an agreement with the Régie des rentes, the company is
obligated to increase its special payments after the solvency ratio for the
plan fell in 2011. The company and the pension regulator are currently
holding discussions on "corrective measures" to cover a more than $500 million
additional deficit, on top of the $1.3 billion pension deficit that the former
AbitibiBowater owed when it emerged from bankruptcy protection in 2010.
"The company and the Régie must remember that workers gave up wages and
benefits on the understanding that the company would be responsible for the
traditional plan without cuts to benefits," said Coles." And we also
established a new pension plan for the future which eliminates any risk for
"Resolute and the Régie both have a responsibility now to find a solution
that maintains the long-term commitments to our members and retirees."
Dave Coles, President, 613-299-5628
SOURCE: COMMUNICATIONS, ENERGY AND PAPERWORKERS UNION OF CANADA
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CO: COMMUNICATIONS, ENERGY AND PAPERWORKERS UNION OF CANADA
-0- Feb/18/2013 22:07 GMT
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