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If my memory serves me right, it is not that many years that a HUGE BAIL OUT OF THE TEACHERS PENSION PLAN took place, and here we are again.
I am retired and fortunately drawing a pension from a private company pension plan, which was funded equally by my employer and myself, and my pension plus CPP plus OAS are adequate to survive on. It is high time the teachers, their union and the government get together and set up a contribution agreement which will provide the necessary input to support the output from the pension plan. We need our teachers, AND I COULD NEVER BE ONE – IT TAKES SPECIAL PEOPLE TO DO THAT JOB, but it is high time that they contribute their fair share into the plan – AFTER ALL IT IS FOR THEIR BENEFIT – and if the plan crashes they should be the ones to suffer the consequence, not the taxpayers of the province. A concerned provincial taxpayer.
BB | May 12, 2013 | Reply
A great article on the state of the Teachers pension plan. I sit on an investment committee board and I keep hearing how private pension plans are moving away from DB to DC plans. I think its time govts had a hard look at this as well. I know New Brunswick has had to take some serious action recently.The unions need to be pushed aside on this as this all about the tax payers dollars who are voters at least that’s my understanding the last time I looked. My fear is this all this is heading towards some form of day of reckoning if action is not taken soon. So far its been very populist in nature as the elected officials do not want to upset those who put them in office.Fair enough but they have to remember at some point these plans could implode and then their electorate could be facing substantial reductions in their pensions. It’s happened in the private sector and its happening in the public sector in Europe. It will happen here, it’s just a matter of time.This current model is not sustainable and can only be fixed by converting over to the DC model. It’s too late for even a shared risk model in my view.
John | May 12, 2013 | Reply
Whenever I see indexing in a pension plan my thinking doubles the overall cost or liability associated with the plan. It would be interesting to examine the most recent acturial report, is there on available?
Bob Healy | May 12, 2013 | Reply
No, I don’t think that is public
Bill | May 12, 2013 | Reply
What other questions should we ask when they come calling? A future column topic perhaps?
Bill | May 10, 2013 | Reply
This province is being pulled underwater by government worker pensions. This has been a great deal of the cause of our debt and deficits. At some point taxation to support this fools game will overwhelm business and they will depart, We see it happening now
paul | May 10, 2013 | Reply
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