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Pension Update

Statement of Claim:

Summary Judgement was heard June 5 to 7, 2006 at Provincial Law Courts Building. MTS did not complete their response to our rebuttal argument to the MTS Summary Judgement Motion nor was there time enough to hear Jon Singletonís (Provincial Auditor) motion for Summary Judgement to dismiss the suit against him was not heard.† The court at our counselís request to expedite scheduled a court date of June 20th at which time MTSí rebuttal argument and the Singleton motion were heard.† Awaiting Judgeís response.

New litigation budget - Increased cost with MTS motion and appeal is $195,000.00.† If no appeal were sought the cost would drop to $135,000.

NOTE:† The trial of this matter is scheduled to proceed on January 15 to March 23, 2007.

Pension Committee Report

Pension-Committee met August 7, 2006 with MTS and all union representatives and retiree representative.† They met to discuss the shortfall in memberís pension plan, Cola, and plan evaluation.† TEAM actuary wrote a set of questions on the plan July 19, 2006.