Monday, November 1, 2010

Termination Fund- Koskie Minsky statement

The following statement appeared on the Koskie Minsky site on Nov,1,2010.

November 1, 2010 Termination Fund: Upcoming Payments

The Settlement Agreement that was approved by the Court on March 31, 2010 established a Termination Fund for the benefit of certain Nortel terminated employees who were still owed termination or severance payments. All terminated employees who are eligible for this payment received a letter in September indicating their eligibility and outlining the method of payment.

Please note that cash payments will begin to be made effective October 29, 2010. Some individuals who commenced employment with Nortel prior to 1996 were eligible for a retiring allowance and therefore were provided the option for their Termination Fund payment to be made directly into an RRSP account. Please note that transfers into RRSP accounts are still being processed. Individuals who chose this option should not expect their payment for several more weeks

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