TORONTO - A decision on the defined benefit pension plans for a group of former Nortel Networks Corp. (TSX:NT) employees will have to wait until next week.
An Ontario court judge was expected to issue a decision Friday, but the statement will likely come next week, according to a spokesman for the company.
At issue is whether Nortel can reduce the initial lump sum pension payments to 180 terminated employees.
Nortel has asked the court to grant permission to reduce payout ratios to Canadian defined benefit pension plans to 69 per cent from about 85 per cent.
The company said it would reduce costs by $8.1 million.
Nortel must pay the balance owed to employees within five years, as required by pension legislation.
