HALIFAX - A bill proposing changes to the Pension Benefit Act that would force Greenbrier to pay full pensions to former employees and retirees of TrentonWorks received a third and final reading yesterday.
The bill is now waiting Royal Assent and Labour Minister Mark Parent said it will be proclaimed "as soon as possible."
Under TrentonWorks' pension plan, the approximately 1,600 former employees and retired workers were only about 90 per cent funded. Changes to the bill will require companies with operations in the province to fully fund pensions if they fall short.
The Pictou West and Pictou East MLAs said they remain concerned.
"Some bills sit for months before there is actually proclamation or before they come into force," said Clarrie MacKinnon, MLA for Pictou East. "The bill, if it is proclaimed, we are very happy with it. But if in fact there is tardiness in relation to this, there will certainly be hell to pay."
Parker agreed, adding "We have a promise from the minister that it will be proclaimed quickly and we are going to hold him to his word."
Marie Kelly, assistant director for United Steelworkers, said they are cautiously celebrating the news.
"We are very happy to finally see this bill pass third reading, but until it's proclaimed it won't have an impact on our workers at TrentonWorks," Kelly said.
But this is good news for the former TrentonWorks employees, retirees and for a Trenton community that is in need of good news, say Pictou County's MLAs.
Pictou Centre MLA Pat Dunn said as someone with a close connection to the now defunct rail car plant, this news is especially meaningful.
"I was particularly interested in the employees at TrentonWorks due to the fact that I'm from the area and my family had been working there for over three generations," Dunn said.
"I am relieved and very pleased (to see it pass third reading)."
Pension bill one step closer to law
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- Published on December 13th, 2007
- Published on December 31st, 2009
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Cait MacIntyre
Bill could see TrentonWorks employees get full pensions
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Comments
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- Roger Langille
- - January 18th, 2010 at 12:12:25
Ten Million for the Trentonworks including but not limited to the Pension short fall and the loan from the people of Nova Scotia. That is what I am willing to pay for the Trentonworks, I will pay a min of one million to Greenbrier if all of the 10 million is used up on the loan and Pension Fund. The Union is to have a seat on the board of the works and a 10% profit share for employee's, 5% profit share for the Town of Trenton and a seat on the board aswell.
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- One Way Street
- - January 18th, 2010 at 11:35:25
No wonder there is a shift from defined benefit to defined contribution plans. Seems that if there's a surplus, the union wants it; if there's a deficit, the employer must pay it. Heads I win, tails you lose. I can live with either side bearing both the benefit of profit or the risk of loss, but not the fail safe this posits.
Perhaps what workers and legislators should be looking for is for UNIONS to bear any shortfall since they are the collective bargainer in the first instance?
