MONTREAL, June 27, 2012 /CNW Telbec/ - Aeroplan today announced that it
has reached an agreement with Air Canada through which Air Canada will
transfer to the Aeroplan defined benefit pension plan all the pension
plan assets and obligations related to pension benefits accrued by
employees who were Air Canada or Canadian Airline Customer Sales &
Service Agents prior to 2009 and who transferred to Aeroplan in 2009.
The transfer is subject to approval by the Office of the Superintendant
of Financial Institutions (OSFI) and will take effect thereafter. OSFI
is expected to rule on the transfer in the next 18 to 24 months.
The transfer will simplify the administration of the defined benefit
pension plan for Aeroplan and its eligible employees and will not
result in Aeroplan assuming a material unfunded pension obligation on
the basis of the most recent actuarial valuation report.
Aeroplan will continue to fund the plan in accordance with the funding
requirements of applicable pension legislation.
Aeroplan, Canada's premier coalition loyalty program, is owned by Aimia
Inc., a global leader in loyalty management.
Aeroplan's millions of members earn Aeroplan Miles with its growing
network of over 75 world-class partners, representing more than 150
brands in the financial, retail, and travel sectors.
In 2011, approximately 2.3 million rewards were issued to members
including more than 1.5 million flights on Air Canada and Star Alliance
carriers which offer travel to more than 1,000 destinations worldwide.
In addition to flights, members also have access to over 1,000 exciting
specialty, merchandise, hotel, car rental and experiential rewards.
For more information about Aeroplan, please visit www.aeroplan.com or www.aimia.com.
SOURCE AEROPLAN CANADA INC.
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