Monday, April 5, 2010

Foreign service impact on pensions

The following comment was made on the NRPC website regarding the method of calculating pensions for former employees of Nortel who have foreign service.This rather disquieting comment has no further detail. A similar comment is contained within the body of the latest Koskie Minsky news report. As further details become available I will provide information as I find out what it may mean to those of us living in the US and receiving a Nortel Canada pension.

This issue may apply to some people living in Canada but it is probably applies mostly to those former employees who are living outside of Canada. The Canadian Revenue Agency has raised concern about the method that Nortel has used for calculating pensions for those people who have foreign service. See the April 5th newsletter on the Koskie Minsky website using the KM Newsletters link at the top of the page. Our legal representatives are working with Nortel and the Monitor to resolve the issue and hopefully any impacts will be only temporary. Individual letters are being mailed to those who may be caught up in this review.

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