November 19, 2023 - Update re Status of the Windup of the LEW Salaried Pension Plan

FSRA has approved the distribution of basic benefits from the Stelco LEW Salaried plan on November 16 2023.               

Accordingly, Telus will now proceed as follows:

• Wind up option statements will be mailed to the 5 Deferred Vested members in the next couple of weeks.      
• Lump sum payments can now be processed for any Active or Deferred Vested member in accordance with the member election.                          
• Over the next couple of weeks Telus will also communicate with 4 retirees and 1 survivor regarding adjustments to their pension payments as a result of the correction to the joint and survivor optional forms available to members who retired from deferred vested status.

This process will could take about six months and when completed Telus will be able to  proceed with the buyout process and the pension payments will begin to be made the insurers who purchased the annuities. 

 

The process to obtain the approval to distribute the Plan surplus will then begin and could take about another six months before the surplus payments are made to the plan members. 

LEW Pension Advisory Committee (PM)