If you are new to this site, the following material will provide an overview of the origins of this pensioner group. If you are part of the group, or are familiar with its development, the following will serve largely as a reminder of these origins.
A spontaneous organization comprised of pensioners of DuPont Canada Inc. began to develop in 2003. This was in response to the pending sale of DuPont Canada Inc., as a complete entity, to INVISTA (Canada), a privately owned subsidiary of US based Koch Industries. The sale/purchase agreement included not only the standard facilities, inventories, products, receivables, trade names, employees, etc. but also included Ontario Registered Pension Plan, #0242727, and ongoing administration of then existing pensioners, including all applicable miscellaneous pensioner benefits.
In short DuPont Canada ceased to exist and all pensioner ties to DuPont Canada, or to the parent E.I.duPont de Nemours, likewise terminated.
Initially a small group of concerned pensioners made contact with each other, and in a short time this evolved into a network encompassing a substantial number. The motivation for this activity was the many questions that existed with regard to the future of the pensioners, primarily with respect to the security of their pensions and benefits. Unfortunately few satisfactory answers were forthcoming from either DuPont or from INVISTA.
As a result six individuals, representative of the other concerned pensioners, opted to act as a 'Pensioner Leadership Team' (PLT), and set out to organize the pensioner population into an informally structured alliance or association. Recognizing that effective pursuit of existing concerns and potential issues might involve costs, a financial appeal was made to the pensioners with a positive response. The resulting availability of financial means allowed the PLT to search out qualified independent advice on a number of items, and provided the means for initiating a periodic communications process, by either regular mail or electronically, with those pensioners where they were able to establish contact.
Through 2003, 2004 and 2005 a wide variety of issues and concerns were investigated. Especially significant in this regard was the effort required to research the Financial Services Commission of Ontario records for information regarding the status of our pension plan. The monitoring of this data will be a continuing process. Information thus obtained provided the basis for a series of Communiqués which attempted to supply otherwise absent information. Initially the availability of pensioner addresses was also a significant limitation, thus development of a Pensioner Data Base required a significant effort. This was, and will continue to be, very necessary to achieving the goal of maximizing the number of pensioner contacts.
Over this period, as understanding and knowledge was acquired regarding private sector Defined Benefit Pension Plans such as ours, the PLT became increasing aware that federal and provincial Pension Legislation and associated Regulations are in a 'sorry state' insofar as the interests of pensioners are concerned. Much of what we assume or take for granted provides a very marginal level of the assurance or guarantee that most pensioners would believe appropriate. There has been considerable media reporting, during 2005 in particular, with regard to pension plans, funding shortfalls, sponsor bankruptcy, etc. A number of major corporations have been cited as having serious financial problems, and the pensioners involved have had ample reason for concern. In some instances, pensioners have suffered real and significant setbacks to their pensions and other benefits.
As of December 2013, our pensioner group has experienced no significant adverse impact associated with the transformation that has taken place.....with one exception.
Traditionally, while under the auspices of DuPont Canada, pensioners periodically benefited from an adjustment to their pension income reflecting compensation for the cumulative effects of the general increase in the 'cost of living' or the Consumer Price Index. Based on past history, such an increase might have commenced at some point in 2005, however this did not happen. While there is no absolute assurance that this might have occurred had the change in ownership not taken place, it was a disappointment, to say the least, that no adjustment occurred. Based on the current financial condition of the plan, it is unlikely that an ad-hoc pension adjustment will ever be made.