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•   Kamy Zargarpour  9/9
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This is an important message to members who are receiving pension payments from Weyerhaeuser.

 

You will have recently received a letter from Weyerhaeuser Pension plan administrators advising you that future pension payments will be made as an annuity and will come from Desjardins Financial Security Life Assurance Company. Your letter will also have mentioned that Desjardins will be sending you a “Welcome” letter in early July.

We recognize that this letter as sent by Weyerhaeuser identifying the changes has created some valid concerns amongst our members. As a follow-up to multiple inquires we have had, here are our views on these changes for your information.

  1. From the initial work we have done it appears that Weyerhaeuser has taken the required legal steps with the Alberta Treasury Board (where the plan is registered) allowing for the transfer of the pension plan into an annuity.
  1. Weyerhaeuser has chosen Desjardins as the holder of the annuity and our research shows that Desjardins is a very well-financed and highly regarded Canadian Insurance company. They rank as the second largest insurance company in Canada with over 5.8 million members.  
  1. Desjardins Financial Security Life Assurance Company as an insurer is insured by Assuris. Assuris is an organization that provides an extra level of protection to annuity holders in the event their insurance company fails. We understand that there are pending changes to this and that the coverage could be expanded up to $5,000.00 per month or 90% of your current pension should Desjardins fail.
  1. Unless you detect any differences in any pension terms or amounts in your “Welcome” letter from Desjardins, you should have comfort in that you will receive the same as you have in the past.
  1. It is our current view that this move might actually be favorable over time as the potential unknown risks of Defined Benefit plans with companies that might fail is very tangible.  
  1. Because there is no “one size that fits all” in the plan options and payouts, your Board strongly recommends your personal due diligence in ensuring you are getting what you are owed. Call Life Works @ 1-866-899-3334 immediately should you find any errors (or the contact number as provided in your “Welcome” letter) .
  1. If there is an overwhelming amount of issues or discrepancies identified by our members, the Board will decide on what appropriate action might be required with Weyerhaeuser/Desjardins on behalf of the members. 
  1. Remember that these changes are related to your pension only and will have no effect on your Extended Health Benefits.

If you have any further questions or concerns on this issue, please contact via e mail one of the following:

Richard Ringma @ rrms@shaw.ca

Tony Sudar @ tgsudar@shaw.ca

Iain Donaldson @ d.iain.donaldson@gmail.com

 

Stay safe, Stay informed

Richard

 

AGM's held May 2, 3 and 4

Good meetings were held in Vancouver, Nanoose (above) and Powell River, and although the numbers were down slightly from last year it was a great opportunity to catch up with old friends.

Our guest speaker in Nanoose, Graham Kissack, gave us a detailed update on what's happening in Paper Excellence.

Click here for "What's new" for the AGM minutes and financial statements. This page is for members only so you'll have to log in.

 

Webmasters:
Click on menu item "Contact us" to send us a message concerning the website or club affairs. We will reply.
 
 
Don Armstrong: dsarmstrong@shaw.ca
Doug Telford: douglasb_telford@shaw.ca
Allen Mar: southsloper@gmail.com