Meet John Mlacak, 73
A former Nortel manager, he was looking forward to a comfortable retirement. Now, with his pension underfunded by as much as 30 per cent, he may have to talk to his children about borrowing money.
John thought there would even come a time when he and his wife Beth could pull their three children together to advise them of a modest inheritance.Deborah Baic/The Globe and Mail
When the 73-year-old former technology manager with Bell Northern Labs did talk to his adult children this summer, it was to tell them that his pension cupboard is running low.Deborah Baic/The Globe and Mail
His former employer Nortel Networks Corp. had collapsed into bankruptcy proceedings. Over $200,000 of retirement savings he invested in a company stock plan had vanished.Deborah Baic/The Globe and Mail
His medical, dental and insurance benefits looked like toast. And the company’s pension plan is so underfunded that he stands to lose as much as 30 per cent of his monthly $3,000 pension.Deborah Baic/The Globe and Mail
John and his wife have cut out travel and his hobby as a painter has taken priority as source of additional income.Deborah Baic/The Globe and Mail
The couple risks losing their house of 34 years in Kanata, Ont. “We used to always talk about how much we were going to leave our children. . . .Now we may need to rely on them for help. I never imagined this would happen,” John said.Deborah Baic/The Globe and Mail
'We’re going to more shows to sell the paintings for our cash flow, but it involves a lot of lifting and moving,' John said.Deborah Baic/The Globe and Mail
On dark days, he said he still struggles to understand how a company that became the envy of the world during his 35 year career could have stranded him 13 years after he retired.Deborah Baic/The Globe and Mail
'It is extremely discouraging to know at this stage in one’s life that everything that you invested your life for. . .is endangered,' John said.Deborah Baic/The Globe and Mail
John Mlacak talks with an attendee at the Glebe Fine Art Show in Ottawa.Deborah Baic/The Globe and Mail
He sometimes thinks of returning to work, but worries that heart and blood pressure conditions might be a handicap.Deborah Baic/The Globe and Mail
John Mlacak breaks down his painting display at the Glebe Fine Art Show in Ottawa.Deborah Baic/The Globe and Mail
'I’m thinking of trying to get a job at 73, but I have to have a nap every day at noon,' John says.Deborah Baic/The Globe and Mail