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CMG members approve changes to Canadian Press pension plan

Members of the Canadian Media Guild have approved the proposed amendments to their Canadian Press Pension Plan. Only members of the plan were eligible to vote.

Members of the pension plan for excluded employees have also approved the change.

Here are the results of the CMG vote, conducted October 29-30:

Of the 183 ballots cast, 70% (128 ballots) were in favour of the proposed changes to the plan. Fifty-one voted against and there were four spoiled ballots.

We want to thank everyone who attended the information sessions, contacted us with individual questions, and cast a ballot.

The next step in the process will be to write the amendments into the plan. Lawyers for both the company and the Guild are reviewing the language prepared by the plan Actuary. Upon completion, these amendments will be submitted to the Office of the Superintendent of Financial Institutions (OSFI) for approval.

As things move forward, we will continue to report on the plan’s progress and provide detailed information on the Flex component of the amended plan. Now that CMG members have approved the changes, we can proceed to finalize that part of the plan.

Thank you for your attention and thoughtful questions about a complex issue.

For more information, get in touch with Kathy Viner (kathy@cmg.ca) at 416-591-5333 or 1-800-465-4149.

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