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Tag Archives: Long-term disability
Long-Term Disability Employees Lose Deal
A controversial $57-million deal struck last month between Nortel and employees on long-term disability has been tossed out by an Ontario Superior Court of Justice judge because it is “flawed” and unfair to other Nortel creditors. Judge Geoffrey Morawetz rejected the deal, which would have extended health and long-term disability benefits until September and given [...]
Nortel Strikes Deal with Long-Disability Employees
One of the more troubling offshoots of Nortel’s financial demise has been the uncertain fate of about 400 employees on long-term disability. Part of the problem was that the plan was being funded by Nortel rather than an external entity. As a result, it was unclear whether these employees would continue to receive their benefits [...]
Nortel’s LTD Victims
There are many sad stories within Nortel’s financial demise but ranking high among them is the plight of 409 people on long-term disability. Having made contributions into the company’s long-term disability plan, they have discovered that their payments are dependent on Nortel’s operating revenue. Sadly, if Nortel’s operating revenue disappears, it appears their long-term benefits [...]
Nortel’s Long-Term Disability Plan in Jeopardy
According to the Financial Post, Nortel may pull the rug out from under employees who are on long-term disability if the company does not emerge from bankruptcy protection. The problem is these benefits are not insured, which means the money is coming from a Nortel Health and Welfare Trust as opposed to an insurance company. [...]
NRPC Disappointed with Judge’s Decision