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SOURCE Canadian Auto Workers Union (CAW)
TORONTO, March 8, 2013 /CNW/ - A recent decision by the Financial
Services Commission of Ontario (FSCO) is a major victory for more than
800 former Navistar workers seeking a just decision on their pensions
following the shuttering of the company's Chatham truck plant more than
three-and-a-half years ago, CAW President Ken Lewenza says.
Lewenza said the CAW along with the former workers at Navistar have
sought a fair and equitable ruling since the plant officially closed in
2011. The March 7 decision from the FSCO pension regulator deals with
the wind-up of the Navistar pension plan.
"This FSCO decision is a tremendous victory for these workers," Lewenza
said. "After Navistar closed its plant during negotiations it has
fought its own workers at every step. The company had left more than
800 workers and their families facing an uncertain financial future.
They now have clarity about the future of their pensions," Lewenza
said.
"It's time for Navistar to comply with their legal obligations," Lewenza
said.
The FSCO decision covers four key issues: the date of the wind up of the
pension plan; the early retirement programs in the pension agreement;
pension entitlements of those who retired before the wind up date of
July 28, 2011 and credited service upon layoff.
"This FSCO decision supports the CAW and the former workers' position on
all four of these key issues," Lewenza said.
Navistar idled its Chatham plant in June 2009, but only announced the
official closure in July 2011. There is a 30-day appeal period
following the FSCO decision.
"What is so frustrating is the role of the provincial and federal
governments which have the power to protect workers' pensions and
severance, but who have repeatedly failed to act in these kinds of
situations," Lewenza said.
For more information regarding this FSCO decision on the Navistar
pension plan please visit www.caw.ca/navistar
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