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A letter sent to Canadian pensioners in July 2011 from the Nortel pension administrator Morneau Shepell announced that pensioners in Canada would have their benefits cut. A webinar held by the legal firm Koskie Minsky on July 22, 2010, addressed some of the questions raised. The windup of the $5 billion Nortel pension plan began in October 2010.
BCE Inc. (1983–2000) Nortel Networks Corporation ( Nortel ), formerly Northern Telecom Limited, was a Canadian multinational telecommunications and data networking equipment manufacturer headquartered in Ottawa, Ontario, Canada. It was founded in Montreal, Quebec in 1895 as the Northern Electric and Manufacturing Company.
The Canada Pension Plan ( CPP; French: Régime de pensions du Canada) is a contributory, earnings-related social insurance program. It forms one of the two major components of Canada 's public retirement income system, the other component being Old Age Security (OAS).
The Canada Pension Plan (CPP) forms the backbone of Canada's national retirement income system. All those employed aged 18 or older (and their employers) must contribute a portion of their income (matched by their employers) into the CPP or, for Quebec residents, the Quebec Pension Plan (QPP). In all provinces and territories except Quebec ...
October 2011: Bankruptcy filings state that Nortel owes former Canadian engineers $285,000 for patent awards that were not paid. October 2011, the administrators of Nortel's British subsidiary lose their appeal to overturn a court order requiring them to pay £2.1 billion into Nortel's underfunded pension plan.
Ontario regulates approximately 8,350 employment pension plans, which comprise more than 40 per cent of all registered pension plans in Canada [1] It was originally enacted as the Pension Benefits Act, 1965 (S.O. 1965, c. 96), and it was the first statute in any Canadian jurisdiction to regulate pension plans. [2]
John Andrew Roth is a Canadian retired business executive.He was the chief executive officer and chairman of Nortel Networks between 1997 and 2001. While he was called "the most successful businessman in modern Canadian history" by Time magazine and named Canada's CEO of the Year by a Bay Street panel in the fall of 2000, by the ignominious end of his career it became clear that his ...
Old Age Security (OAS) is a monthly payment available to qualifying citizens and permanent residents of Canada who are 65 years old and older. Authorized by Section 94A of the Constitution Act of 1867, [1] the program is defined by the Old Age Security Act (R.S.C., 1985, c. O-9). [2] Implementation is the responsibility of the Minister of ...