NEW!  To: Fellow Members of the Wajax Retirees Association:

In reviewing the member’s directory dated 10/1/03, I was appalled to see t5he names of the past three Presidents / CEO’s of Wajax , Fox, Powell, Short listed. Isn’t it ironic that they would be on our membership list? This is the trio that as “Captains of the Good Ship Wajax” sold us down the river, by withholding pension upgrades, using the fund’s surplus to pay company premiums, & eventually selling our plan to enhance the company bottom line. In so doing, they rewarded themselves with lucrative bonuses & “exit packages” at the expense of the employees, YOU & ME, & now they are back at the trough looking to fatten up on their already inflated executive pension. Talk about “DOUBLE DIPPING!’ They should form their own party & run for office., as they could hold their own against the current regime of political free loaders.

Messieurs Fox, Powell, Short,------ SHAME ON YOU!


From: Another ‘Happy’ Wajax Employee

As you requested, I have gone through my old files to look for anything that would help our case. I found quite a few pieces of old correspondence which I am sending on.
One that should be of interest to our lawyers is a memo from Mr. Chorlton stating as follows: "It has been the policy of the pension committee to consider improvement of benefits at regular intervals, when the state of the pension funds permit in order to offset the negative effects of inflation"
He says improvements were policy so how does the Company (with a $15M surplus) at minimum not giving the working members of the plan an upgrade from 1995 until they set up the new plan last year?
 

It seems that Wajax has sold our pensions off to a "very solid group" called Industrial Alliance Company.  One day, I receive a letter telling me that my pension had been sold to this outfit and then lo and behold less than a week later (3/31/01) there is a big headline in the Globe and Mail saying that Industrial Alliance itself was being sold possibly to a Dutch company.  Thanks Wajax.  The way its going, we may get our pension in RUBLES.  Yes. I feel abandoned.
 

A Montreal employee asks...
Could you please check out and let me know the answer to the following question.
We understand that the executives have a separate pension plan and that they don't have to contribute anything to and another called Supplemental Executive Retirement Plan to which they do contribute.  In the annual report (page 46) they say this supplemental plan is unfounded and this obligation is included in the $ 42+ million of our plan.  Does this mean that the surplus earned on our contributions are being used to pay the "Fat Cats" their big pensions?  If so I am even more disgusted with these people.
 

I am a retired employee who recently received a letter telling me that Wajax now wants no part of me as they are selling my pension plan to some outfit called Industrial Alliance.  Obviously we'll never get another pension increase which though relatively small were always appreciated.  Two things seem strange
1)  According to the Wajax Annual Report this was done last year, how is it that we were not notified until March of this year?
2)  Also in the Wajax Annual Report, they say that they made a profit of $ 2.7 million on selling our pension commitment.  In the letter Mr. Ball sent to all employees last December he said the balance of the surplus will offset the transition costs.  We now find out in the December 31 year end statement that they had already taken the $ 2.7 million into income.  Do these people ever tell the truth?
 

"I read a book several years ago entitled Who's Money is it Anyway?. The horror stories I read concerning companies purchasing other companies simply to rape huge surplus pension funds was enlightening, but I thought these details were a thing of the past, there was an air of Chicago in the 1920's to the book.  I never fathomed that I would experience this deliberate, premeditated theft of our money.  You can count on my support".  Name Withheld
 

"I am an employee of Wajax in Montreal and in support of the pension surplus challenge and thought you would be interested in the Quebec Governments recently announced changes to pension plan regulations that should interest us all."
Under the section "How Can Pension Plans be Used"
They list four options:
1 - Increase employee pensions
2- Employee contribution holidays
3- Employer contribution holidays
4 - Refunds of contributions to employees.
"They then state that they estimate 60% of surpluses in recent years have been used to increase employee benefits."

"Please note that our cause has great support among Wajax Quebec employees."
 

"I am a pensioner who retired from Wajax almost 20 years ago after 20 years of service. As wages were much lower then my Wajax pension is very small (still less than $600. per month after 20 years of updates).  Needless to say these upgrades which have been less than $5. per year have been appreciated. Last week I received a letter telling me my pension had been sold off to some company called Industrial Alliance and on the same day I read the Wajax announcement about the 200 results and see that they have taken into profit $2.7 million dollars as a result of the sale of our pensions.  I guess that the end of my BIG $5. a year pension increase.  I guess the Sobeys need the money more than we do"
 

"It seems that Wajax management are going out of their way to prove every accusation that you made in your December e-mail to us employees is true.  I see on the press release on Wajax's year end result that they took $2.7 million of the surplus that pertained to the existing Pensioners into income last year.  I guess next year they will take the other $12. million or so that belongs to the employees into income unless you guys can stop them".
 

Jack Morrison reports " I'm in New Brunswick now, right on the famous salmon river Miramchi.  Keep up the good work".
 

Keep up the good work.  We all really appreciate it. 
Thanks from all the hard workers at Wajax.
 

Thank you very much for your comments on the Pension situation.  I believe that the current leadership of Wajax should be accountable to those who were instrumental in building the Company.  Let's get all of the facts on to the table.
 

A good beginning toward resolving a very complex issue.  Wajax (in my opinion) has become a totally bottom line oriented entity and unless we demand to be treated fairly, our pension benefits are subject to the whims of the Company.