Thursday, September 23, 2010

Comments on Koskie Minsky Site

The following comments were posted on the K.M. site yesterday. Please read carefully.

On October 1, 2010, the NNL Non-Negotiated and Negotiated Pension Plans will transition to a new administrator appointed by the Superintendent of Financial Services for Ontario.

(Please see my previous post from earlier today. The new administrator has been appointed.)

As a result of the change in administration, all active employees who are members of the Pension Plans, including disabled employees who are on long-term disability, will experience changes that will take effect on October 1. Although you will cease to earn benefits under Nortel's existing Defined Benefit and Defined Contribution plans on October 1, Nortel has established a mechanism to make payment of DC contributions and to provide a "top-up" deposit for grandfathered members of the Defined Benefit plan for the period between October 1 through December 31, 2010 while you remain an active employee of Nortel in compensation for the value of the defined benefit that you would have earned.

Canadian LTD participants in the Defined Contribution and the Defined Benefit pension plans recently received correspondence outlining these changes and providing information about how future payments and investments will be made. Please read the information in this correspondence carefully and note that you are required to take positive action only if you do not already have an existing Employee Investment/Savings Plan account with Sun Life. Many disabled employees will already have an existing account with Sun Life however if you do not, please create one by completing the form you have been provided and returning it to Sun Life by 4:00pm on September 27.

The correspondence you received provides you with several investment options, and which option you choose, if any, is a personal decision. If you have any questions about which investment option you should choose, please speak to your personal investment or financial advisor. If you do not choose any option, you will be placed into the default option (as outlined on the form).

If you have questions about whether you already have an existing account with Sun Life, please contact Sun Life at 1.866.733.8612. You may contact KM at 1.866.777.634 , or if you are a member of the CAW, your counsel at 1.800.268.5763 with other questions.

If you believe that you should have received this correspondence but have not, please contact us immediately.

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