Update on discussion with OSFI
This is an update on discussions between NAV CANADA, Office of Superintendant of Financial Institutions (OSFI) and unions that have collective agreements in place at NAV CANADA.
Representative from NAV CANADA and the Canadian Air Traffic Control Association --- the first group to reach a collective agreement --- met with officials at OSFI and the Department of Finance in the spring of 2013. The purpose of this meeting was to describe NAV CANADA unique situation and seek relief on solvency funding for the NAV CANADA pension plan. The government is considering its options which could include changes to either legislation or regulations.
All NAV CANADA union’s met with NAV CANADA on February 24 to get an update from NAV CANADA and we are still waiting for news from the government. To date, there has been no reason for IBEW and NAV CANADA to approach OSFI. However, if called upon we will do so.
Further bulletins will be posted as developments unfold.
Daniel J Boulet
Business Manager / Financial Secretary