The vote to approve the distribution of the pension surplus has successfully reached the required two-thirds support. It was a challenge, but we prevailed, and the process is now set to move to the next required steps.
So, what happens now?
This week, the CBC will notify the Office of the Superintendent of Financial Institutions (OSFI) that we have exceeded the two-thirds threshold. Once OSFI gives its approval for the payment, an additional 40-day waiting period will begin.
The CBC Pension Administration (PAC) will send a letter to all contributors informing them of the OSFI approval. It will take approximately 7-8 business days to print and prepare the mailings. Three days after the envelopes are picked up by Canada Post, an email will be sent to members for whom we have an email address.
This marks the beginning of what is referred to as the “Second Notice Period.” During this time, plan contributors will have the opportunity to raise any questions or concerns they may have. At the conclusion of the 40-day period, and assuming there are no outstanding issues, PAC will be permitted to process the payments to pensioners.
The payments will include the surplus generated during 2023, plus interest, estimated in total to be around $60 million. At this time, we cannot yet confirm the exact date when the payments will be issued, but we will keep you informed as more details become available.