September 6, 2017
TORONTO – Unifor is planning another action to demand that Northstar Aerospace fund a dramatic 24 per cent pension deficit for its retirees and members of the Milton plant, represented by Local 112.
“There is no financial reason for Northstar Aerospace to refuse to fund the pension plan. The only excuse is corporate greed,” said Unifor National President Jerry Dias. “If Northstar won’t meet with us we will take our message to the corporate board to demand action.”
The Unifor National President, members and retirees will be seeking action and a response from Wynnchurch Capital, the private equity firm that owns Northstar, and invite the media to a public action.
WHAT: Unifor action at Wynnchurch Capital
WHERE: 150 York Street, Toronto at the corner of York and Adelaide streets
WHEN: Wednesday, September 6 at 10:30 a.m. ET.
WHO: Unifor National President, Local 112 retirees and members
At the end of this month Northstar Aerospace is closing its Milton plant. This closure means the loss of highly skilled, good paying union jobs. The closure also means a wind up of the pension plan. If the plant remained open the pension plan is fully funded. On a wind up basis the pension plan deficit is 24%. Despite Northstar being a profitable company it refuses to fund the pension deficit. This shortfall will adversely affect retirees. The average retiree is 70 years old and currently receives $881 as a monthly pension. When the plant closes the cut will mean a reduction of $211 each month. To date, the company has offered no response to the union’s single demand – to fund the pension deficit.
Dias said, “After months the company has refused to discuss the matter. Time is running out - Northstar needs to do the right thing and stop short-changing retirees that have made it profitable for so many years.”
Unifor is Canada’s largest union in the private sector, representing more than 315,000 workers in every major area of the economy. The union advocates for all working people and their rights, fights for equality and social justice in Canada and abroad, and strives to create progressive change for a better future. For more information read this leaflet and follow #occupyNorthstar on Twitter.