Former Nackawic employees lose pensions
December 13, 2004 By Pulp & Paper Canada
In a devastating blow, former employees of the St. Anne-Nackawic pulp mill have been told anyone less than 55 years…
In a devastating blow, former employees of the St. Anne-Nackawic pulp mill have been told anyone less than 55 years of age won’t draw a dime from the exanimate company’s pension plan. The New Brunswick government says its hands are tied and is unable to ease the plight of the approximate 400 former workers, as the pension plan was decided upon entirely by the company and the union. Although negotiations with a potential buyer for the mill are currently underway, no plans to prop up the decimated pension fund are on the horizon.
As was reported by CP, the mill’s pension plan is under funded by roughly $25 million. Workers more than 55 years old could potentially be subjected to a 25% slash in their pensions.
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