While we wait for OSFI, the federal pension plan regulator, to finally approve a payout of nearly $130-million dollars of surplus money to plan contributors we continue to receive positive news on the financial status of our plan.
The latest report from the CBC Pension Board of Trustees shows that once again the plan has generated another significant surplus for this past year. This will mean that in addition to the above payout anticipated for 2021 and 2022 retirees and contributing employees can expect to receive an additional payout of more than $50 million. We do not know whether this will mean we need to repeat the process for this current payout.
We realize this good news may be seen as cold comfort and does little to address the question of “when do I get my money?”
We understand and share the frustration of many over what seems to be an excessively long approval process. Rest assured that we have reached out to the CBC (the plan sponsor) in order to get some answers. However, it should be noted the regulator (OSFI) is not bound by any specific timeline in which to give its approval. The surplus funds are in the plan, we have fully met our obligations and we remain hopeful that word will come soon, and the payouts can commence.
We will keep you informed when we know more.
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