Comments for New Start Nova Scotia

Comment on Budget Reviews by Michael J Monteith

Michael J Monteith — Thu, 03 May 2012 14:32:32 +0000

Hello Bill: I’ve given you my comments before. I hope that you are not advocating that the rest of us, (taxpayer), who typically have no pension at all, should contribute again to boost payments to sustain a fund that was paid for (by our contributions) to support a favoured group of teachers, and government clerks, etc. Why would you ever think we would want to do that!

Michael J Monteith (Irate)

Comment on Teacher Pensions by Jonathan

Jonathan — Wed, 02 May 2012 14:58:54 +0000

I cant figure out while the politicians have their head in the sand on this issue. The funding gap for Pensions is further aggravated by the wishful thinking that Market returns will come to the rescue.

Public sector pensions are being run like Ponzi schemes that have put some in jail. There is a fine line between corrupt fund mangers who take the money of new investors to pay the returns for earlier investors versus a pension plan that does the exact same.

Comment on Teacher Pensions by peter

peter — Wed, 02 May 2012 02:09:25 +0000

I think we have to look at Union Pensions period as it seems many make terrible investment choices for some reason. I believe public servants should not have pensions exceeding what is in the general population. The wages of public servants in a majority of cases exceed the per capita GDP by two three and sometimes four times. Considering not only the teachers but public service pension funds were topped up it is hard to believe fishermen or forestry workers in this province would have an sympathy for a 1.65 billion dollar short fall. WE are headed for Greece here folks. The Civil Service rode the population with Pensions, Wages and retirements at 55 years of age. The people outside the civil resented paying taxes and the underground economy because the rule of thumb. We have the same conditions here in Nova Scotia. Ask the younger generation why they would stick around after graduation in the 2020s. The exodus is not going to be about higher wages in Western Canada but rather how badly future generations will be taxed for the sins of the selfish in this province.

Comment on Teacher Pensions by rb

rb — Tue, 01 May 2012 22:30:22 +0000

Few people appear to understand the effect of low interest rates on pension deficits. An assumption that low investment returns are the major cause of such deficits misses the role of interest rates in deficit test calculations. How much will the deficit decrease for each 1% increase in the interest rate used?

The no-penalty early retirement after age 55 benefit in the Teachers Plan seems a potential one to examine given its cost, and the trend to defer retirements and pensions due to increased life expectancy and later start to employment. The effect on the Plan’s deficit of making that benefit actuarially neutral to age 65 should be instructive for all concerned.

Comment on Teacher Pensions by Bill

Bill — Tue, 01 May 2012 20:24:56 +0000

If the current plan was left unchanged that would be a better deal for new teachers who otherwise will be big losers down the road. But that will not solve the problem with the current plan. In fact it will make it worse. The right response is to amend the current plan to be secure and equitable for all participants.

Comment on Teacher Pensions by Bill R

Bill R — Tue, 01 May 2012 20:13:16 +0000

And what about the option of having new teachers join a new defined contribution plan; is this necessary or not?

Comment on Teacher Pensions by PS

PS — Tue, 01 May 2012 19:24:34 +0000

It just doesn’t make sense that any version of a public service pension fund is not able to fund itself . Something is wrong . The “employees” are able to contribute and the employer can match .So if the fund is in the hole because of investments than that point to the trustees and that means they have to called to account. Everyone is smarter now with their investments and a teachers pension plan should be able to avoid any significant risk investments .
The Province keeps saying it needs revenues but there seems to be a lack of effort to make sure what they can collect that they really try . We have hundreds of non residents renting summer homes and walk away with all the income, don’t pay commercial taxes nor collect HST and what do we do ? Ziltch. No just tax the good guys even more by adding a 2 % room tax ,millions in revenue that basically all goes to advertising ? These departments need to to show why they exist . Per capita, NS receives more equalization than does Quebec , so it seems we are lagging in our per capita financial management transparency.

Comment on Teacher Pensions by Bill

Bill — Tue, 01 May 2012 18:54:17 +0000

The answer is 6.4% . Given today’s very low returns ion fixed income investments it looks optimistic.

Bill Black

Comment on Teacher Pensions by Bill

Bill — Tue, 01 May 2012 18:14:54 +0000

Right on !!!
What actual or real interest rate of growth are the actuaries using in calculating benefits?
Is it realistic and/or sustainable?

Comment on Teacher Pensions by Patricia Walsh Macneil

Patricia Walsh Macneil — Tue, 01 May 2012 17:05:08 +0000

Bill,
Thanks for writing this and sending it out today. I receive a pension from the Provincial Government and I very strongly believe exactly what you have written about the Teachers’ Pension Plan. This matter has to be dealt with now and negotiation isn’t the answer. While I could have written your post before I read what you wrote, I wasn’t sure I knew all I should about the Teachers’ Pension Plan. Your timely post let me know my belief is sound. I always read what you take the time to write because I think of you as “knowing” and “wise”. Your posts come at the right time and they are very informative..
Please know I added a comment and posted a link to your page on my Facebook page.