Jane Emerick
Special to The Chief
Local banks and wealth management groups are helping Woodfibre employees soon to be out of a job in dealing with severance packages and financial uncertainty in the future.
Dundee Wealth Management is hosting a series of free workshops for Woodfibre Employees to discuss maximizing severance payments, maintaining group benefits, hospital coverage and issues involving pensions and Employment Insurance.
"Those people are faced with some big decisions concerning their severance packages," said certified financial planner Dave Sweeny. "The idea is to shelter as much as possible while creating maximum pension benefits."
Sweeny said severance packages are taxable income and need to be dealt with carefully. He said he sympathizes with the workers because his family has members who will be out of work as a result of Woodfibre closing.
"The [current employees of Woodfibre] are going to be faced with a transition period," he said. "People may be out of work while they contemplate a career change, so we will also be talking about E.I. and the effect it will have on their severance plans."Sweeny who is also a volunteer firefighter, soccer coach and a volunteer with Sea to Sky Community Services, said the workshops are there to provide people with information and to help answer question as to how Woodfibre employees are going to be able to replace what they had in terms of income.
Energy and Paperworkers Union of Canada local 3 president, Doug Muir said the workshops are a good thing because they provide helpful information concerning pensions and E.I. benefits.
"Our guys wanted something like that," he said. "It is good for everyone to know what they can or can't do legally."
Muir said the practice of offering these workshops is common when mills shut down.
He also said Woodfibre workers are asking for their severance pay prior to the RRSP contribution deadline at the end of February so they can take advantage of this option.
Muir believes this request will be granted at the mill's head office in Duncan.
Sweeny said the turnout at the first two of the workshops for Woodfibre employees has been positive with approximately 45 attending.
