This update is intended to address your questions about implementation of the pension sharing agreement, such as when members might expect to receive funds.
Last week, representatives from the PNA met with CBC Vice President, People and Culture Marco Dubé, to discuss some key issues:
- an update on the progress for implementation of the pension surplus sharing agreement;
- the removal of retirees from the Employee Assistance Program.
We have now received confirmation from Dubé that work has started with CBC actuaries to process all calculations needed to proceed with the surplus sharing according to the rules of the MOA.
According to Dubé, “This is a complex undertaking that involves all 20,000 members of the pension plan. We are determined to proceed with the surplus sharing before the end of this calendar year and we should have more clarity on the timeline by the end of the summer.”
We see this as good news. It demonstrates CBC’s effort to meet the provisions of the agreement and that the Corporation will not appeal the decision to the courts. While specific timelines have not been established, we are hopeful that payments to retirees and employees can be made by the October 1 deadline, as established in the Memorandum of Agreement.
Employee Assistance Program
The Corporation confirmed that retirees will no longer have access to the program. Fewer than 20 CBC pensioners use EAP services on average each year, whereas the cost of providing the program — more than $200,000 a year — was deemed prohibitive. We will continue to work with the CBC to see if alternatives can be found.
Donald Langis, Interim President