Tag Archives: pensions

Nortel Pensioners Get Pinched

By Mark Evans | Published: July 15, 2011
You figure that after selling its patent portfolio for $4.5-billion, Nortel pensioners would have nothing to worry about. Wrong. Instead, 12,000 pensioners recently received notification that their there will be cutback in benefits. This will reduce benefits by 18% for non-union employees in Ontario. Employees who worked outside Ontario will see cuts of 31% (non-union) [...]
Posted in Financials | Also tagged , | 14 Comments

NRPC Disappointed with Judge’s Decision

By Mark Evans | Published: March 29, 2010
Not surprisingly, Nortel Retirees and Former Employees Protection Canada is disappointed with an Ontario judge’s decision to approve a settlement agreement between Nortel and representatives of its retirees, terminated and long-term disabled employees that would have provided retirees and people on long-term disability with “significant concession”, including a “stay of execution” until later in the [...]
Posted in Financials, Legal Issues | Also tagged , , | 21 Comments

Nortel Strikes Deal with Long-Disability Employees

By Mark Evans | Published: February 8, 2010
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 [...]
Posted in Financials | Also tagged , , | 19 Comments

Dear Mr. Flaherty and Mr. Clement

By Mark Evans | Published: December 21, 2009
A letter from the Nortel Retirees and former Employees Protection Canada to Minister of Finance Jim Flaherty and Industry Canada Minster Tony Clement: A Christmas Tale – December 2009 Gentle Ministers Clement and Flaherty, Christmas is a kind time, of ethical deeds, reconfirming our values and righting the wrongs inadvertently committed. This Christmas, Dear Ministers, [...]
Posted in Financials | Also tagged , , | 14 Comments

While Rome Burns, More Bonuses for Execs

By Mark Evans | Published: November 26, 2009
Update: CBC (television) will be running a report tonight on its investigation into 72 Nortel executives getting additional bonuses. If the Nortel soap opera could turn any more bizarre, the CBC has obtained documents that indicate Nortel launched a new compensation plan earlier this Fall that will see executives receive $7.5-million in addition to their [...]
Posted in Financials, Legal Issues | Also tagged , , , | 40 Comments

Quebec Moves to Save Pensions

By Mark Evans | Published: October 26, 2009
At a time when the Canadian government is still trying to decide what to do, the Quebec government said today it will attempt to save the pension of 3,750 Nortel employees in the province if their pensions are terminated while Nortel is under bankruptcy protection. Regie des rentes du Quebec could take control of the [...]
Posted in Financials | Also tagged , , , | 17 Comments
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