Canadian Bill C-501, Industry Committee Meeting

The minutes of the Canadian Parliamentary Committee on Industry for Dec 2nd are centered on their discussion of Bill C-501 which is intended to provide super-priority for unfunded pension amounts in bankruptcy situations.

Based on what I read, this bill will not provide Nortel pensioners with any help to bridge the pension funding shortfall since there is no retroactivity clause and that is clearly understood by the committee members.

You can read the minutes at the following extremely long link"

http://www2.parl.gc.ca/housechamberbusiness/ChamberPublicationIndexSearch.aspx?arpist=s&arpit=bankruptcy+%22Pension+guarantees%22&arpidf=2010%2f03%2f03&arpidt=&arpid=False&arpij=False&arpice=True&arpicl=15385&ps=Parl40Ses3&arpisb=Publication&arpirpp=10&arpibs=False&Language=E&Mode=1&Parl=40&Ses=3&arpicpd=4813618#Para2202394

The committee spent most on their time debating amendments to the 7 clauses of the bill which were intended to make the intent of the bill clear. The amendments would mean that the bill gave super-priority to all unfunded amounts that would be required to bring pension funds up to a solvency level to provide full pension rights to retirees.

The committe decided that they needed to have further input from the witnesses who had attended previous sessons to obtain their input on the amendments. The motion approved by the committee was described by Mr. Robert Bouchard:

We are talking about two meetings to hear witnesses and a third for clause-by-clause consideration. I am pretty sure that not all of the witnesses we heard from previously will return. I think we could probably combine the ones that we've already heard from with some new ones, as proposed by my colleague. In any case, we can limit ourselves to two meetings to hear witnesses and a third for clause-by-clause. I think it would be appropriate to set a limit. That way we would be required to have results by the time the third session came around—in other words, for clause-by-clause. I believe there is a consensus on that. Conservative members seem to agree. I think I also heard Mr. Rafferty say that he is open to that idea. That is also our position.

The committee also decided to ask for a 30 day extension.

As part of the discussion it was made very clear that this bill would not provide any relief to Nortel Pensioners since there is no retroactivity in it. The committee members referenced the efforts made by Nortel Pensioners to have the bill enacted and lauded their self sacrificng attitude to help future pensioners in a similar situation.

Canadian Bill C-501 last week end before vote.

As published on the NRPC web site, by one of the NRPC leaders.

Friday, 03 December 2010

Thursday, 2 Dec, was the last day of C-501 hearings before the INDU committee gets back together for clause by clause discussion and voting on Dec. 7.

This is the tale of two pressures. One from corporations including bank executives lead by John Manley and supported by the government; and the other pressure mainly coming from former Nortel employees with support from unions and pensioner organizations.

Many spoke on all sides that former Nortel employees were caught in a worst possible economic condition i.e., the perfect storm which is not likely to repeat for a long long time. Many in expensive suits said "It is unfortunate" (to their shame), as opposed to something should be done to relieve their condition. Bruce Robertson, Chief Restructuring Officer of AbitibiBowater Inc. said that lenders when they lend, protect themselves from the worse condition the company may be subjected to. So it is OK for lenders to protect themselves from the worse market condition but it is not OK for pensioners to protect themselves from the market's worst condition. This is where the imbalance lies. It is too bad that fairness, that all too human quality evaporates with greed. Our only hope, as I see it, is a special arrangement of accommodation.

My reading is, and I emphasize my reading, that the conservatives will use the same tactic they used to kill the S-216 in the Senate by bringing a motion to drop it and not go clause by clause on Dec. 7. But here they need the support of the Liberals to succeed. That is why in my opinion Mike Lake (conservative) said further amendments would be accepted up till and including Monday Dec. 8. Will the Liberals try to work something out with the conservatives or the NDP? That is the big question.

This is why we should continue sending emails to committee members emphasizing the unique circumstances Nortel retirees have been subjected to during this unprecedented global market collapse. Why should we be sacrificed at the altar of the Canadian Market to restore the Canadian economy? You have Friday, the weekend and Monday only to impress them. That is it for now, and we will wait the outcome at the very important Dec. 7 C-501 meeting. Based on that outcome we shall move to our next phase. See some emails by other warriors below.

Pressure must still be put on BCE and RB - both companies made representations at the hearings to let the former employees suffer. I suppose their lobbyists (Former Liberal minster Don Boudria hired by BCE and often quoted by the conservatives former Liberal minster of everything, John Manley) have to give the OK for any plan of special arrangement of accommodation for former affected employees of Nortel. Note that BCE has not replied, is it arrogance or smart politics?

Wait till you see “ The Royal Bank and Bell Canada supported by the Conservative Government broke my life!”

Canadian contact list from NRPC-Montreal

The following contact list was issued by the Montreal Chapter of the NRPC.

Thursday, 02 December 2010
Important contact information for Nortel Pensioners to obtain accurate replies to their questions

NRPC /SRNC Quebec Region Contact List

Agencies / Companies

CARP

CDN Association of Retired People 1-800-363-9736
www.carp.ca

CAW/TCA Union

Barry Wadsworth 416-495-3776
www.caw.ca/en/5511.htm

e/mail Michelle.bondy@caw.ca
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Ernst & Young 1-866-942-7177


FADOQ Federation Age D'Or du Quebec
www.fadoq.ca

KM Law 1-866-777-6344

www.kosyirminsky.com/case-central

e/mail Nortel@kmlaw.ca
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Sun-Life Insurance 1-800-361-2128
www.sunlife.com

Long Term Disabled
steeringcommittee@cneltd.info
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Manu-Life
TBD
www.manulife.com

Morneau-Sobeco
Negotiated Pension 1-877-392-2073

Non-Negotiated Pension 1-877-392-2074

www.morneausobeco.ca

www.pensionwindups.morneausobeco.com

e/mail nortelwindup@morneausobeco.com
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NRPC COP Ile Bizard
PO Box 89017
Ile Bizard , H9C 2Z3

www.nortelpensioners.ca

e/mail nrpc.montreal@gmail.com
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nrpc.qcmed@gmail.com
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NT Pension services
Disconnected Oc1 1st 2010


NT Human Resources 1-800-676-4636


RAMQ Montreal 514-864-3411

Quebec 418-646-4636

Others 1-800-561-9749

HDD 1-800-361-3939
www.ramq.gouv.qc.ca/index_en.shtml

RRQ
Montreal 514-873-2433

Other 1-800-561-9749
www.rrq.gouv.qc.ca/en

Prepared & issued by your NRPC Quebec region Committee 1.12.2010