Teamsters Support Creation of a Stranded Pension Agency

"Such an agency would ease the concerns of many Canadians. People are entitled to a decent, worry-free retirement."

LAVAL, QC, April 1 /CNW Telbec/ - The Teamsters Union is especially intrigued by the Liberal Party of Canada's proposal to create a stranded pension agency. According to the Liberals, this agency would be formed "to offer Canadians a new, secure way of managing their private pension following the bankruptcy of their employer." Such an agency would meet the demands formulated by Teamsters Canada in 2008 in connection with the Flextronics/Nortel case.

At this time the Flextronics plant had shut its doors, putting 800 people out of work. A legal battle ensued between Flextronics and Nortel, the plant's former owner, to determine which company should be held liable for the workers' pension plans. That's when the Teamsters Union took position in favour of protecting pension plans.

The Teamsters Union is not a newcomer to this issue: Teamsters Canada representatives have been participating for a number of years on various federal committees put together to ensure viable pensions for Canadians.

The Teamsters Union has asked the government to amend the Bankruptcy and Insolvency Act to include workers as preferred creditors and to enact legislation on foreign takeovers of Canadian companies, requiring employers to respect the collective agreements binding them to their new workers.

"In my view, such an agency would ease the concerns of many Canadians," said Teamsters Canada president Robert Bouvier. "People are entitled to a decent, worry-free retirement."

The Teamsters Union represents 125,000 members in Canada in all trades. The International Brotherhood of Teamsters, with which Teamsters Canada is affiliated, has 1.4 million members in North America.

SOURCE TEAMSTERS CANADA

For further information:

Stéphane Lacroix, Director of Communications, Teamsters Canada
Mobile: 514-609-5101
Office: 450-682-5521 x236
Email: slacroix@teamsters.ca

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