TORONTO, Feb. 5 - Representatives of Air Canada's mainline union, management and retirees met today with representatives of Trinity Time Investments. Trinity proposed dramatic changes to Air Canada's defined benefit pension plans including the introduction of significant defined contribution elements.
The employee and retiree groups told Trinity that they have no legal status to make any pension proposal and they would not negotiate with the equity investor. Trinity was told that their proposal is contrary to the collective agreements negotiated with Air Canada in May of 2003 under a Court sanctioned process. The employee and retiree groups also expressed concern that Trinity did not make its intentions known during its participation in the equity solicitation and approval process.
The employee and retiree groups have been trying to conclude negotiations with Air Canada on pension solvency issues but have been unsuccessful because of delays by the Company.
The employee group made it clear to Trinity that they will not agree to any changes in their pension plans and that Air Canada is legally unable to propose and further changes. The group also made it clear that it will take all steps necessary to ensure that Air Canada lives up to its agreement to maintain the defined benefit plan for all Air Canada employees.
Employees Call On Air Canada To Meet
————————————
The employee and retiree group calls on Air Canada to meet immediately to resolve the pension solvency funding issues and move the restructuring process forward.
-30-
Contact: /For further information:
IAM, Ron Fontaine, (604) 340-2083;
CUPE Murray Gold, (416) 595-2085;
CALDA, Rob Elder, (905) 452-2346;
CAW, Sari Sairanen, (204) 297-7535;
ACPA, Don Johnson, (450) 458-2687;
Unionized Retirees, Susan Ursel, (416) 888-1132;
Non-Unionized Retirees, John Varley, (905) 273-3300/
The employee and retiree groups told Trinity that they have no legal status to make any pension proposal and they would not negotiate with the equity investor. Trinity was told that their proposal is contrary to the collective agreements negotiated with Air Canada in May of 2003 under a Court sanctioned process. The employee and retiree groups also expressed concern that Trinity did not make its intentions known during its participation in the equity solicitation and approval process.
The employee and retiree groups have been trying to conclude negotiations with Air Canada on pension solvency issues but have been unsuccessful because of delays by the Company.
The employee group made it clear to Trinity that they will not agree to any changes in their pension plans and that Air Canada is legally unable to propose and further changes. The group also made it clear that it will take all steps necessary to ensure that Air Canada lives up to its agreement to maintain the defined benefit plan for all Air Canada employees.
Employees Call On Air Canada To Meet
————————————
The employee and retiree group calls on Air Canada to meet immediately to resolve the pension solvency funding issues and move the restructuring process forward.
-30-
Contact: /For further information:
IAM, Ron Fontaine, (604) 340-2083;
CUPE Murray Gold, (416) 595-2085;
CALDA, Rob Elder, (905) 452-2346;
CAW, Sari Sairanen, (204) 297-7535;
ACPA, Don Johnson, (450) 458-2687;
Unionized Retirees, Susan Ursel, (416) 888-1132;
Non-Unionized Retirees, John Varley, (905) 273-3300/