Former Accuride workers represented by Unifor Local 27 will receive approximately $4 million in pension surplus funds following a court ruling that rejected the bankrupt company’s claim to the money.
The court awarded all surplus funds in the company’s defined benefit pension plan to members. Accuride had argued the money belonged to the corporation.
“This victory shows what unions can accomplish when we refuse to back down,” said Unifor National President Lana Payne. “These workers earned these pensions through years of hard work. When Accuride walked away, Unifor and Local 27 stood up and fought to make sure members got what they were owed. This is about dignity, fairness, and making sure corporations can’t raid pension funds that belong to workers.”
The legal fight began after Accuride declared bankruptcy and closed the plant. Workers were initially left without access to surplus pension funds estimated between $2.7 million and $2.9 million.
The final surplus reached approximately $4.7 million. The expected payout is about $4 million after administrative and disbursement costs.
“Our members deserved better than to be abandoned after giving years to that company,” said Brian Chapman, president of Unifor Local 27. “We knew this fight would be expensive and difficult, but we weren’t going to let Accuride walk away with money that belonged to our members. This victory shows what a strong union can do when it’s willing to invest its resources to defend workers, even after a plant closure.”
The union said the fight continues. Outstanding issues include vacation pay, severance pay and supplemental unemployment benefit top-up monies held in trust.
