Newspaper article The Canadian Press

New Brunswick Legislature to Sit Next Week to Change Fraser Papers Pension

Newspaper article The Canadian Press

New Brunswick Legislature to Sit Next Week to Change Fraser Papers Pension

Article excerpt

New Brunswick legislature to resume next week

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FREDERICTON - The New Brunswick legislature will resume next Tuesday for a special one-day session to enact changes to pensions for retirees from the now-defunct Fraser Papers in Edmundston.

Members will be asked to amend the Pension Benefits Act, allowing people who once worked at the pulp mill to immediately benefit from increased pension payouts. The changes would also see their pension plans converted to a shared-risk model in September.

Earlier this month, members of the Fraser Papers plan voted overwhelmingly in favour of the changes. Their decision means that payout reductions imposed in June can be immediately reversed, provided legislative amendments are made.

Fraser Papers filed for bankruptcy protection in June 2009, citing weakness in the pulp and lumber markets, a cash shortfall and underfunded pension obligations. The Twin Rivers Paper Company has operated the mill since 2010.

The legislature adjourned in May and wasn't scheduled to sit prior to the provincial election on Sept. …

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