CBC told to distribute pension surplus
to plan members
Canadian
Media Guild | CWA Canada
Local 30213
The Consultative Committee on Staff
Benefits (CCSB) has directed the Canadian Broadcasting
Corporation to distribute nearly $75 million to CBC
pensioners and employees who contribute to the pension
plan.
The directive follows an evaluation of the plan showing
it has a $131 million solvency surplus.
The CCSB also directed that CBC take
a $12 million contribution holiday, in contrast to
the $77-million holiday the corporation unilaterally
announced last March. The $12 million would make up
for the payment the CBC had to make for a 2005 solvency
deficit.
Finally, the CCSB directed that $43.66 million, or
one-third of the value of the surplus, be retained
in the pension fund.
Under the collective agreement,
the CBC is required to follow directives from the
CCSB as long as they don’t entail an additional
expense to the corporation.
The decisions taken by the CCSB followed an examination
of the financial well-being of the pension plan. It
was hoped that minor improvements could be made to
the plan, but there were concerns that the changes
could lead to additional costs to the CBC in the future.