EPCOR Utilities to create new firm
May 8, 2009
On May 8 EPCOR Utilities Inc. ("EPCOR") announced that it will be splitting off a portion of its business into a new company. That portion, the electricity generating business, will begin operations on July 1, 2009 as the Capital Power Corporation. The new company will employ about 1000 employees, about 500 of which are currently LAPP members.
As this new firm is a for-profit business, it likely will not be eligible to participate in LAPP. As a result, the pension status of these 500 employees will change.
The regulations that govern LAPP do not specifically outline how pensions are dealt with in a "spin off" situation, so LAPP officials are consulting with the Government of Alberta to determine how best to proceed.
EPCOR itself will remain as a LAPP employer, with employees of its electricity distribution and water treatment and distribution businesses remaining as LAPP members.
As more information becomes available on how this transition will unfold, it will be posted on this website. Until then, EPCOR employees impacted by today's announcement should direct questions to their employer.
