Surplus Payout Update – September 22, 2023

Update from the CBC

Work is continuing on completing the calculations necessary for a payout of pension surplus to retirees and employees.

However, we are still awaiting the approval of distribution of funds from the pension regulator. The Office of the Superintendent of Financial Institutions (OSFI) oversees the security of pensions and plays a critical role in insuring pension plans are meeting their obligations to contributors. Approval from OSFI is necessary to proceed with any surplus sharing.

We have requested an expedited process, but CBC’s pension administrators have been advised they will be required to go through the normal procedures. What this means is we still cannot provide any firm timeline as to when payout will occur although it is still hoped this can be completed before the end of the year.

In the meantime, we will continue to work with the CBC lo ensure that everything is in place to allow payments go out as quickly as possible after approval has been given.

We will keep you informed as to further developments.