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MABE: retirees lose even more

MABE: retirees lose even more


Another tile just fall on the heads of retirees MABE Canada company in Montreal, while several of them will be cut off more benefits.


At a meeting recently organized by the Regie des pensions, retirees learned that a greater reduction of the highest pension will be applied to those who retired after 2007 and before the bankruptcy of the company in 2014 . instead of 23%, the reduction in benefits from the pension fund of the former workers will reach 33%.

The reduction stems from the fact that MABE Canada has been slow to register with the QPP improvements to the plan in 2007.

Improvements have been served on the QPP in 2012. However, the Act Supplemental Pension Plans provides that any improvement made in the five years preceding a bankruptcy should be canceled.

John Caluori, deputy director of Unifor union representing the employees, it is "another blow to pig the employer who should have registered improvements in 2007. If they had conducted with honesty and diligence, additional cuts would not have occurred. "

After the bankruptcy of the company, the pension plan was supported by the RRQ. Preventively, pensioners have seen their income cut off of 22%. After all the calculations and adjustments, the pension reduction will rather be in the range of 23% to 33%. Undercapitalization of the plan is $ 45 million.

MABE Canada was a subsidiary of the Mexican company MABE. Formerly known as CAMCO, the factory was acquired by MABE in 2008.

In addition to the pension plan, employees have lost their collective insurance and life insurance.

Bankruptcy affects more than 1 500 workers and active and retired workers.

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Master of Economics, University of Harvard, worked as an analyst in a few large companies and specializes in many countries. Currently owned by a large company that conducts assessment of investment attractiveness in the various countries of the world.