Telecommunication Employees Association of Manitoba Inc. – International Federation of Professional and Technical Engineers Local 161, et al. v. Manitoba Telecom Services Inc., et al. (May 16, 2013)
Case # 34763
When the Manitoba Telephone System ceased to exist as a Crown Corporation, those employees and retirees became members of the new pension plan. The pension assets and liabilities attributable to those members under the old plan were transferred to the new plan. The difference in the value of the assets and one half of the liabilities was determined at trial to be $43,343,000. Representatives of the members demanded that the Initial Surplus be recognized and used solely for their benefit. The appellant employees and pensioners commenced an action for payment of the Initial Surplus from MTS. The Court of Queen’s Bench allowed the action in part and ordered MTS to pay the surplus to the applicants.