NRPC Newsletter part 4 8-27-2010, Q&A, Upcoming events, and Contact Info.

This is the last of my summaries of the NRPC Newsletter published on Aug 24th.

Questions and Answers

Q1. The PBGF top-up is said to apply to the first $1000 per month of pension earned in Ontario. What does ‘first $1000' mean?

A. The top-up applies only for pension earned in Ontario up to $1000 per month. Someone earning $600 per month will be brought back to $600 per month. Someone earning $2000 per month will see $1000 topped up and the remaining $1000 will not be topped-up.

Q2. When I retired there were many components used to calculate my pension: Basic Pension, Additional Pension etc. Which of these is being topped-up by the province?

A. The top-up is applied to the pension amount received from the pension fund up to $1000. The manner in which it was originally calculated is irrelevant. The only constraint is that the top-up only applies to pension up to $1000 earned in Ontario.

Q3. If the top-up will come from the province does this mean that I will receive two payments every month; one for the top-up and one from the pension plan replacement?

A. It is not expected to result in 2 separate payments. The province will calculate the top-up and the aggregate amount will be transferred to the administrator who will issue a combined payment every month.


Q4. How will I know if I am eligible for the PBGF top-up? Do I need to apply for it?

A. People with service in Ontario will be eligible for a PBGF top-up. This applies for the portion of pension earned in Ontario. There is no need to apply; the top-up will be overseen by an administrator appointed by the province of Ontario based on employment info supplied by Nortel.

Q5. I worked in Ontario but now live out of province. Will I be eligible for the PBGF?

A. The PGBF top-up is not affected by the current location of residence.

Q6. When will the PBGF top-up come into effect?

A. At this time the exact timing of the PBGF top-up is unknown. The province needs to appoint an administrator to oversee the pension plans and administer them per the Pension Benefits Act. Once the administrator is in place, PBGF funds would be transferred to the administrator and applied to pension payouts.

Q7. What % of final claims can we expect and when?

A. Unfortunately, it is too soon to say what the final % payout will be. It will probably only be a faction of the claim so you should not plan on receiving a significant amount. For Ontario residents, it is also important to note that the first portion of payments will be used to repay the PBGF for top-up expenditures. Pensioners will receive claim settlement payments only if claim settlement funds remain after PBGF repayment.

Q8. Is there any hope of recouping Transitional Retirement Allowance (TRA) monies?

A. The TRA that was lost by many Nortel retirees will be part of the Compensation Claims process. As part of the claims process, the affected individuals will receive a percentage of their entitlement on a pro-rata basis at the same percentage as other unsecured creditors

Q9. - Where is my Canadian pension registered, Ontario or Quebec?

A. The Nortel pension plans are registered in Ontario, regardless of the location(s) where you worked in Canada or from which you initiated your pension.

Q10. - Ontario is going to split pension by time worked in Ontario and other locations. Will the Régie des Rentes du Québec (RRQ) do the same calculation?

A. The bureaucrats are still working the details of how the funds will be managed from the pension plans to the RRQ. As soon more information is available the NRPC will communicate the details to all NRPC members.

Webinars and Information Sessions

Webinars:

In addition to providing information through NRPC and KM newsletters and web site updates, NRPC and KM are planning on holding a webinar for the retirees and former employees groups in September. The webinar for retirees, pensioner survivors and terminated employees will be held Sept. 1 at 3:00pm. Questions are welcomed at queries@nortelpensioners.caThis e-mail address is being protected from spam bots, you need JavaScript enabled to view it or at our contact address.

The webinar number for audio only is intended for people without internet access. Please call and register with KM on their hotline at 1.866.777.6344. Details for the online access will be placed on the NRPC website and e-mailed to those with e-mail addresses.

Information Sessions:

Once the court approves the Compensation Claims procedure, the NRPC may also schedule information sessions in various cities in order to provide you with more information about your claims and the related court procedures. Please watch the NRPC web site or KM's web site under "Latest Development" section.

Call-outs:

Finally, the NRPC been testing a dial-out service to alert people to major upcoming events and important information. Don't be surprised if you get a phone message from the NRPC.

Upcoming Events

Sept. 1 @ 3:00pm KM Webinar for pensioners and terminated employees
Sept. 13 Ontario Legislature resumes with fall session
Sept 15 @ noon Rally of NRPC and CAW members at Queens Park
Sept. 20 Federal Government resumes fall session
Nov. 2010 (TBC) Industry Committee Hearings on Bill C-501.
TBC Senate Committee on Banking re Bill S-214.

Contacting the NRPC
If you have questions that are not answered either in the NRPC newsletters or on the NRPC web site or if you have suggestions for future topics, please e-mail them to: newsletter.nrpc@gmail.comThis e-mail address is being protected from spam bots, you need JavaScript enabled to view it

To correspond by mail, write directly to the main NRPC postal address:
NRPC, PO Box 11005, Station H, Ottawa, ON K2H 7T8