Hits since Nov 1, 2011
Welcome to the GENMO Salaried Pension Organization.
"HAPPY NEW YEAR" GENMO MEMBERS
Before the New Year was ushered in, over two thirds of the GENMO members had renewed their 2012 membership. Many individuals also had made separate donations to the GENMO or SGM legal funds to support Joe O'Neill's class action against GMCL to gain back lost benefits and life insurance which were promised to us.
As you're aware this class action was certified last October. This was the first step in the legal action. The next step is to prove the merits of our case.
In GMCL's Statement of Defence filed in December, 2011 it claims that it unilaterally can end all benefits to all retirees at any time. They state "Class members never had a guarantee of, nor a right to, the continuation of benefits on retirement or following retirement, or to any given level of benefits, as these were always benefits payable at GMCL's sole and absolute discretion." The complete document is posted on the http://www.genmo.ca/ website. We certainly disagree.
We are certain that those of you who still have to renew your membership will do so in the near future as we all clearly understand what is at stake, our economic survival as we grow older and more vulnerable.
Lately, most of the retiree news has been about benefits and not all GENMO members are part of the class action. If you retired prior to 1995 your benefit losses have not been nearly as great as those who retired later. Please do not fall into the "it doesn't affect me" group; remember that US salaried retirees at age 65 get no benefits and just $10,000 in life insurance. Although the lawsuit specifically addresses the reductions in benefits to post 1995 retirees, GENMO is actively working to protect and improve the benefits of all salaried and executive retirees, surviving spouses and dependent children. GENMO is also making a significant effort to protect your pension as our watchdog GENMO Pension Committee meets quarterly with GMCL.
Most pension plans are under water; including ours. The salaried plan is 75% funded on a wind up basis, per the 2010 report, and this affects all of us equally should another market crisis arise. We won't be able to review the Actuarial Valuation for September 1, 2011 until May, 2012. It won't be pretty because of the weak stock markets and low interest rates. The latter affects plan liabilities.
GENMO is working with the Canadian Federation of Pensioners (CFP) advocating with all levels of government and their bureaucracies to improve pension and bankruptcy laws. We are making recommendations to improve funding, valuation frequency and fund transparency with the province to reform the Pension Benefits Act. Federally, the CFP is working to improve pension fund standing in bankruptcy. Why should junk bonds be more important than pensioners?
We are optimistic about our pension and benefit prospects for 2012 but we can't do it without your support. If you know any GMCL salaried retirees who are not members please encourage them to do so. We salaried employees have always had a history of sticking together; this is a time when that trait is essential.
Once again, thank you for renewing your membership and donating to the legal fund.
Have a happy, healthy and prosperous year.
Your GENMO Executive
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Benefits: Urgent Message regarding Class Action
As a GENMO member you are aware of the progress made to date; an order was made by the court certifying this proceeding as a class proceeding. Your financial support of GENMO in turn has allowed GENMO to support Joe O'Neill as the class representative and fund the associated legal costs.
If you are a member of the class as defined by the court, you will soon receive documentation in the mail detailing the facts of the case, as well as a letter from Joe O'Neill asking you to consider making a contribution toward our legal fees by sending a cheque to our lawyers in trust. This documentation is going out to all class members, not just GENMO members.
Please note that your contribution toward legal fees does not replace GENMO. GENMO will continue to advocate for you as a GM Canada salaried retiree addressing both pension and benefit issues.
Your GENMO membership dues will continue to be the primary financial resource for the ongoing court case.
If you wish to contribute to our legal fees in addition to your GENMO membership, please do so; every dollar helps. But remember that GENMO continues to need your support and membership to champion your interests. Together, we have made considerable progress.
GENMO Executive
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contact GENMO at info@genmo.ca or P.O. Box 82555, Oshawa, ON L1G 7W7
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Who is your local MP ? Who is your local Ontario MPP ?
GENMO Salaried Pension Organization is a not-for-profit corporation dedicated to promoting the protection of the pensions, benefits and other common interests of its members and surviving spouses. It is neither sponsored nor endorsed by General Motors of Canada.
Please understand that we SUPPORT GENERAL MOTORS and we encourage everyone to support General Motors and continue to be an advocate. It is in everyone's best interest for General Motors to succeed as a financially viable company.
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About This Site
Here you will find information about our goals, who we are and how we operate along with ongoing information about your GM Pension and Benefits Plan status.
This is a new site and we are constantly adding information so be sure to visit often.
Please send comments, questions and suggestions to info@genmo.ca.
If you are a GMCL salaried retiree, a surviving spouse,
or an active salaried employee, please join us.
We all need your support.
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