Protect Pension Benefits for AbitibiBowater Workers and Retirees
CEP is organizing an information tour in Eastern Canada for our AbitibiBowater members and retirees to present a proposal that will protect pension benefits.
As you know, AbitibiBowater filed for protection under the Companies’ Creditors Arrangement Act (CCAA) last April. This process allows the company to prepare a restructuring plan, so that it can pursue again its operations in a viable manner in the long term. The court and the creditors must approve the plan before its implementation.
As long as the company is restructuring, it must honour the collective agreement and retirees will continue to receive their pension benefits. Be assured that CEP has lawyers and actuaries in court defending the interests of the retirees and active members during this process.
An important part of the company’s debt is linked to its pension plans. The deficit from all the pension plans represents 1.3 billion dollars. The company is under a lot of pressure from the creditors to solve this portion of the debt. CEP has worked with its actuaries in order to develop a specific proposal to protect retirees’ pension benefits and also lower the debt linked to pension plans.
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