TORONTO, March 8, 2013 /CNW/ - A recent decision by the Financial Services Commission of Ontario (FSCO) is a major victory for more than 800 former Navistar workers seeking a just decision on their pensions following the shuttering of the company's Chatham truck plant more than three-and-a-half years ago, CAW President Ken Lewenza says.
Lewenza said the CAW along with the former workers at Navistar have sought a fair and equitable ruling since the plant officially closed in 2011. The March 7 decision from the FSCO pension regulator deals with the wind-up of the Navistar pension plan.
"This FSCO decision is a tremendous victory for these workers," Lewenza said. "After Navistar closed its plant during negotiations it has fought its own workers at every step. The company had left more than 800 workers and their families facing an uncertain financial future. They now have clarity about the future of their pensions," Lewenza said.
"It's time for Navistar to comply with their legal obligations," Lewenza said.
The FSCO decision covers four key issues: the date of the wind up of the pension plan; the early retirement programs in the pension agreement; pension entitlements of those who retired before the wind up date of July 28, 2011 and credited service upon layoff.
"This FSCO decision supports the CAW and the former workers' position on all four of these key issues," Lewenza said.
Navistar idled its Chatham plant in June 2009, but only announced the official closure in July 2011. There is a 30-day appeal period following the FSCO decision.
"What is so frustrating is the role of the provincial and federal governments which have the power to protect workers' pensions and severance, but who have repeatedly failed to act in these kinds of situations," Lewenza said.
For more information regarding this FSCO decision on the Navistar pension plan please visit www.caw.ca/navistar
SOURCE Canadian Auto Workers Union (CAW)