Bill Tufts, Fair Pensions For All, founded in January 2009, our goal is to promote an honest and fair analysis of our pension system; to expose abuse and waste within the system; to develops and promote new ideas and concepts on pensions based on fairness for all.We maintain that it is every Canadian’s right to receive sufficient income in retirement to afford an acceptable quality of life.
As the cold winds of financial difficulties blow through the world economy, parts of Canada are starting to get a chill. The trouble is out of control spending by governments on the biggest cost of operating, employee compensation.
The Auditor General just released a scathing report on the state of the hydro companies in Ontario. Yes there are many of them, but the ones costing the most are Ontario Hydro and Ontario Power Generation. In addition there is IESO, the ESA, The OEFC the OEB and the OPA. Each have an outrageously paid CEO along with a politically appointed BOD (Board of Directors).
Fair Pensions For All Has estimated that Canadians have increased annual contributions into public sector pensions by over 400% since 2003, effectively giving giving public sector pensions for government employees a bailout worth $100 Billion.
The province of Ontario faces significant financial challenges. Ontario finance minister Charles Sousa had a great opportunity in his fall economic update to address some of these issues. Unfortunately, it seems that the Ontario government’s economic plan is based on fiction more than fact.
Yesterday at an event called ‘The Stark Realities of OMERS’ the Association of Municipalities of Ontario [AMO] and its pension arm, the Municipal Employer Pension Centre of Ontario [MEPCO], held a joint meeting to discuss the ongoing issues facing OMERS. We at Fair Pensions For All were humbled to be invited by the members of AMO to this event. It is clear that AMO through MEPCO, and Fair Pensions For All, share the same concerns about the finances of the municipal pension plan.
How can a public sector employee in a defined benefit plan contribute 13% of pay into their pension plan for 35 years and when they are retired collect 70% of their final average salary for 25, 30 or 35 years.
Over the last week we have seen a number of groups release reports analyzing the fledgling Public Sector Pension system. They have concluded that the Public Sector Pension system is broken and is in need of a fix. We at Fair Pensions For All agree. And so do the facts.
Many have asked us over the past week to comment on the comparison of Detroit with Ontario cities and ask: “Could it happen here?” Our response has been that Ontario cities are facing the same funding crisis as cities across the United States.
It was budget time again in Ontario, and once again, the Liberal Party decided to play politics rather than deal with the financial realities of the have not province that they have created. But with a massive debt, staggering deficits and out of control unemployment, could we really expect any less?
TORONTO, Public sector pensions are no longer sustainable for taxpayers. At Fair Pensions for All we have been concerned about the fairness and long term solvency of the current defined pension system for public sector employees.
LONDON: Lets be honest for a moment. Most of us are getting sick and tired of self- absorbed teachers telling us that somehow they are hard done by. After all, Ontario teachers are the second highest paid in the world, have wonderful benefits and have an incredibly wealthy pension plan. The average teacher works for 27 years and is retired for 32 glorious years. All of this whilst having both of their hands firmly planted in the back pockets of those toiling in the private sector. So, the question that most people are asking is: Why, if teachers are so well compensated, are they threatening job action?
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