Nortel Pension Update
May 15, 2018 – The NRPC recently provided an update to its members regarding the timeline for CCAA-related top up adjustments. Former members of the Ontario managerial plan who elected the lump sum option should expect to receive a request from Morneau Shepell in July or August 2018 to confirm LIRA or LIF account information. Payment of top up lump sums are expected in September 2018. For more details see below:
The NRPC also provided an update for Ontario pension plan members regarding payments for loss of indexation in their recent newsletter. It’s important information to read in the April 2018 Newsletter. The amounts involved are significant with over $100M at stake. Should Morneau Shepell’s interpretation of the CCAA recovery for lost indexation prevail, individual adjustments (depending on actuarial calculations) will be paid to members based on their individual lost indexation claim.
As always, if you have any questions regarding your personal financial plan, please contact our office.
For Immediate Release: Nortel Lockbox Distribution Settlement Announced
October 12, 2016 – The NRPC & Koskie Minsky have announced that the allocation of the roughly US $7.3 billion collected from the sales of Nortel’s worldwide businesses (the “lockbox”) has been settled, with some conditions. Pursuant to the Global Settlement and Support Agreement, the Canadian Estate will receive approximately 57% of the lockbox (US $4.143 billion). Some of the proceeds will be converted to Canadian dollars, and together with the funds currently in the Canadian Estate, will be made available to Canadian creditors through the claims process.
The Global Settlement and Support Agreement is subject to certain conditions, including court approval in Canada, the US and Europe, and creditor approval in Canada and the US.
Assuming that all conditions are satisfied, the Monitor of the Canadian Estate estimates that a payment on claims will be made in the first half of 2017. Visit Koskie Minsky’s website for more details.
Workshop Update: we’ve added more dates!
October 6, 2016 – Due to popular demand we have added another session in October and two more in November to help those entitled to a Nortel Pension benefit make an educated decision regarding their financial future! See below for more details. If you are strongly considering taking the commuted value be sure to attend one of these informative sessions. Seats will fill up quickly so click here to RSVP today.
Update on Managerial and Non-Negotiated Pension Plan Options Letters
September 7, 2016 – NRPC recently sent an update that applies specifically to the approximately 13,000 people who are members of the Nortel Managerial and Non-Negotiated Pension Plan (Reg. 0342048).
Almost all of the Options Letters for plan members who are pensioners were mailed on August 30th. A small number of Option Letters will be mailed after August 30th to pensioners as well. If you are a pensioner and you have not received your Option Letter by September 12th, you should contact Morneau Shepell at 1-877-392-2074.
For members who are not yet pensioners, your Option Forms should be mailed over the next couple of weeks. These members should wait until September 26th before contacting Morneau Shepell at 1-877-392-2074 if they have not received a letter by that time.
Don’t forget about our upcoming Nortel Pension Decision seminar on September 27th. This is a great way to help you make an informed choice once you receive your letter.
Next Workshop Sessions
August 22, 2016 – Here are the details on our upcoming Nortel Pension Wind Up sessions being held in September & October. Click here to RSVP.
What attendees from the previous Nortel Pension Decision sessions have said:
- “Good update with more details on options.”
- “Excellent examples. No pressure.”
- “Presented the subject as a balance of factors i.e. no right/wrong. Depends on an individual’s circumstances.”
It’s time to make a decision
July 29, 2016 – It looks like we are finally going to see the official wind up of the Nortel Managerial Pension Plan. Below is a copy of the Newsletter from the NRPC (Nortel Retirees and former employees Protection Canada). Morneau Shepell received approval by FSCO on June 30, 2016 to wind up the Pension plan.
Individualized options letters are expected to be mailed out by the end of August. You will have 90 days from the date of the August letter to make your choice so if you have any questions at all my team and I are happy to assist you.
I will be continuing to run workshops throughout the months of September and October. These sessions will build on my previous Nortel Pension workshops . The first session is scheduled for Wednesday September 14th at noon and will be held at our office in Kanata. Click here to RSVP.
I am also offering a free pension planning session to anyone who would like to review their options. As someone who has helped former Nortel professionals over the last 21 years, I am happy to provide some insight and assistance regarding your decision.
Feel free to contact me to schedule your personal pension planning session.
Don’t forget to visit our testimonials page to see what other former Nortel clients have to say about The Delfino Group.