NORTEL NETWORKS RETIREMENT INCOME PLAN
|Plan Sponsor||NORTEL NETWORKS|
|Date of Plan Termination||July 17, 2009|
|Date of PBGC Trusteeship||September 08, 2009|
1: PBGC has taken over as trustee of your pension plan. PBGC is now responsible for paying your pension benefits up to the limits set by law.
2: PBGC is verifying plan and participant information to calculate pension benefits. PBGC has sent letters to notify all participants and beneficiaries that we took over as trustee of your plan.
3: PBGC is calculating pension benefits, subject to legal limits, owed to all participants and beneficiaries.
PBGC has finished reviewing and verifying plan and participant information. We are now calculating the pension benefits, subject to the legal limits, owed to everyone in the plan.
4: PBGC has completed calculating pension benefits, subject to legal limits, owed to all participants and beneficiaries in the plan. We are now sending formal determinations of pension benefits to participants and beneficiaries.
5. All reviews, verifications and calculations have been completed. Formal determination letters describing the amount of pension benefits have been sent to participants and beneficiaries.
Your Nortel Pension Benefit: Final Benefit Calculations (as of 12/23/2016)
PBGC continues to calculate the final benefit amount that participants will receive from their Nortel pension plan. This process takes at least three years. However it can take longer, depending on the complexity of the pension plan's provisions and the valuation of its assets.
So far, we have sent final benefit determinations to 21,730 participants in the Nortel Networks Retirement Income Plan. We expect to send final benefit determinations to the remaining 20 participants by March 30, 2017. The recent settlement announced on December 22, 2016 between PBGC and Nortel will not affect the PBGC benefit determinations for any participants.
- PBGC Moves to Protect Pensions at Nortel Networks Inc. (July 17, 2009)