"What Scum These People Be"
This is probably how William Shakespeare would describe Wajax management if he
had followed their handling of the surplus in the Employees Pension Fund.
I have examined the Wajax 4th Quarter and 2001 Full Year Financial Report and
feel both disgusted and vindicated by them. Vindicated because they verify the
accusations you made a year ago about them taking our Pension Plan Surplus and
disgusted with their apparent raiding of the surplus to the tune of over
$9,000,000. in the year 2001 alone. These comments are based on the following:
1. In their Year 2001 4th Quarter Report they report that they had a profit
of $700,000.(after tax). This was
after they raided our Pension Surplus for $6,100,000.($3.5Million after tax)
so in truth without our surplus they actually lost $2.8 million (after tax)
2. For the year 2001 as a whole it looks like our surplus
contributed well
over $9,300,000. to their supposed profit. This number is arrived at as
follows:
a) The above mentioned $6,100,000.
b) $400,000. covering all their contributions to the remaining defined benefit
pension plan costs (I assume this includes the cost of the separate and rich
non-contributory Executive Pension Plan)
c) $2,802,000. as the companies entire share of the new Defined
Contribution Plan. Remember the story that on the new plan the company would
match our contribution. In fact its
our own money that's matching our contributions and they are contributing
zilch.
In addition I notice that the Executives Supplemental Pension Plan is still
not funded and the debt of $1,504,000. is shown against our surplus so I guess
we are still paying this cost for the company
*These last three items are covered by Note 14 of the Wajax 2001 Annual
Report.
Totaling the $9,300,000 that they took from we employees in the year 2001 and
adding the $ 2,700,000. that they took from the Pensioners last year brings
our total contribution to over $12,000.00 so far (more to come in 2002, read
note 14 where they say they are converting some of the remaining Defined
Benefit employees in 2002)
Not a bad return for a company that hasn't contributed a Dime to the plan
since 1986. You'd think they would at least give us a "THANK YOU"
P.S.
Does anyone still believes Doug Ball's statement of last year that the company
would use the surplus for the "Good of The Employees"??
