The Ontario Pension Benefits Act allows companies to pay executive bonuses and dividends even if the pension is underfunded. Given a choice of bonuses for themselves or a fully funded pension how do you think the decision would go? The regulations should be changed to significantly limit or eliminate executive bonuses and dividends until the pension plan is fully funded. Mentioned below, but if you disagree with ...more »
Ontario's pension regulator FSCO (Financial Services Commission of Ontario) routinely meets with companies to modify pension plans; often to the benefit of the company and the determent of the pension plan members. Those most affected, the pension plan members, are not allowed to participate. They have no voice, no input, no vote. This practice should change such that pension plan members must be involved in any ...more »
For years the PPSA has contained a provision that provided for a deemed trust for pension claims. In many instances, the courts did not enforce this provision because insolvency laws are federal laws. The Indalex decision changed that by recognizing that the windup deficiency of a pension plan is protected by the provincial law. In the last budget, there is a statement which indicates that the Liberal government will ...more »
The Ontario Pension Benefits Act allows companies to pay commuted value retirement incentives from the pension plan regardless the plan's solvency. This makes a bad situation worse as underfunded pensions are further depleted to cover these retirement incentives. The regulations should be changed to only allow companies to utilize pension funds as retirement incentives when the pension is fully funded. If it isn't ...more »
Amend the Ontario Pension Benefits Act to make it mandatory to evaluate all defined benefit pension plans annually, and to file these valuations with FSCO within 6 months of the valuation date. Currently, pension plan health need only be revealed to members once every 3 years if a single valuation shows it can cover at least 85% of its liabilities. This is inadequate in today’s fast-changing economic environment, and ...more »
Create an Ontario pension modeled on the CPP. Defined benefit plans are increasingly rare, defined contribution plans are volatile. Traditional savings vehicles do not provide adequate return for retirement.
Reform the proclamation process for bills passed in the Ontario Legislature to require that enabling regulations are promulgated within 9 months of the passage of any bill. We currently have situations where bills passed three (3) years ago are still inoperative (with no end in sight). (Example: important pension reforms in Bill 236 from 2010.) If bills are never enacted, what is the point of a legislature?
June 28'th 2009 was my (along with hundreds of others) last day of work at Navistar in Chatham. I was the Accounting Co-ordinator for 15 years. After over 2 years of lay off Navistar finally announced the plant would be closed. All management received pension and severance. All CAW Local 35 (office) and Local 127 (plant) did not. The company has used every tactic including appealing decisions of the FSCO. Our ...more »
We should have our own pension plan in this province, which would give us the control to improve pensions beyond the curent levels wiothout needing the approval of 8 or 9 other provinces and th efederal government. Ontario has this right. This can also be a means whereby the provicnial government can borrow cheaply, though there would need to be llimits on this to reduce risks. If Quebec can have a pensions plan, ...more »