Wajax Pension Surplus Challenge Update - Jan 15, 2002
An update on developments on our Surplus Challenge:
1. It seems that all existing employees who were to have their pension
benefits transferred out of the Defined Benefit Plan have now received
notification of the transfer.
Thus the only remaining participants in this plan are the employees on
disability and ( In Managements words) some employees covered by union
contracts.
Management has said they intend to try and negotiate these union employees out
in their next negotiations. The plan then would consist of a few disabled and
a tremendous surplus.
Please caution anyone you know that is
included in these union groups to make sure their union negotiators negotiate
a fair share of the surplus for each of them.
In considering how management has treated us on this pension change it might
be a good idea if some of the non-union branches were to contact a union for
representation to prevent this type of exploitation in the future.
An example of the benefits of union representation on pensions is the B.C.
operations of Wajax where every single one of the bargaining unit employees
has now withdrawn from the Wajax Pension Plan and have negotiated a plan where
the company contributes well over $3.00 for every hour worked (and the
employee contributes nothing) For the year 2001 the company contributed on the
average employee's behalf over $7000.00. Contrast this with the estimated
$2000.00 or so that they would have received had they joined the new plan like
the rest of us. And their extra $5000.00 per year is tax free.
2. Our lawyers are still compiling info on our case and we did get some
additional documentation from some of you per our request on our Nov 15/01
update but we need input from all of you. Please read over that request and
contribute what information you can.
REMEMBER. We
all stand to gain if we win so rather than "letting the other guy do all the
work" please help out.
What we need most are the following items:
a) Copies of the upgrade letters we received every three years or so since the
early 70"s We have some but none of the earlier ones
b) From you "OLD TIMERS" any correspondence pertaining to the plan that was in
place from 1958 to 1967
c) Affidavits as requested in Item 3 of our Nov 1/01 update.
Your Pension Committee
