Resolute workers stand firm on refusing pension cuts

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 
the company. 
"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 
To view this news release in HTML formatting, please use the following URL: 
http://www.newswire.ca/en/releases/archive/February2013/18/c6394.html 
CO: COMMUNICATIONS, ENERGY AND PAPERWORKERS UNION OF CANADA
ST: Quebec
NI: LABOR  
-0- Feb/18/2013 22:07 GMT
 
 
Press spacebar to pause and continue. Press esc to stop.