Kruger makes pension pitch to mill workers, retirees

Retired and current workers at Corner Brook Pulp and Paper were scheduled to meet with management again Wednesday to discuss their troubled pension plan.

Parent company Kruger also held four meetings on Tuesday, including one at night at the Pepsi Centre in Corner Brook with about two dozen unionized workers.

Kruger officials are visiting workers to promote a plan that would extend the time period under which the company would put money into its underfunded pension plan. The fund is short tens of millions of dollars to meet its future obligations.

To keep the mill profitable, Kruger is asking workers and retirees to give the company 10 years to repay that money, instead of five.

Retiree Dave Miller said he hopes Kruger can stick to its plan.

"We're looking at 80 per cent, hopefully 100 per cent solvency over a period of time," he told CBC News outside one of the meetings.

"Hopefully they'll make that commitment, and in the duration they won't be taking any money out of the operation."

For the proposal to pass, the company needs two thirds' support from current workers and retirees.

Information meetings are being held this week in Corner Brook and Deer Lake.