PENSION & RETIREMENT CONCERNS
SENIORS AND COVID SUPPORT
Any Canadian senior eligible for Old Age Security will be receiving a
one-time, automatic, $300 supplement from the federal government to help
deal with the stresses of COVID-19.
This generous offering will be dearly needed by some, while others may
in fact be getting along well, within
their current resources.
What a genuine act of kindness it would be if those who are able to
function without this one-time payment were to donate it to any number
of local organizations assisting the vulnerable in our community.
Offering what we might, to those truly in need, would exemplify the true
spirit of being Canadian, and lift the spirits of so many amongst us who
could feel sincerely respected and supported by fellow citizens in such
Pensions and Retirement Concers -
The 2019 inflation
adjustment rate will be 2.2%.
As of June 2018
our OTPP has assets of $193.9 billion. There are 184,000 active teachers
and 119,000 retirees. That is a ratio of 1.3 to 1. Teachers on average
tend to live at least two years longer than the general population. In
1970 the average teacher collected a pension for 20 years. In 2017 the
average teacher collected for 32 years.
Social isolation is now
recognized as a major problem amongst seniors. Please think about
visiting or just making a phone call to someone you know who might be in
HOW THE FEDERAL GOVERNMENT COULD
INFLUENCE OUR PENSIONS
Bill C27 is a Federal Bill introduced by the current Liberal Government
in October 2016. It affects pension legislation which applies to
federally regulated private and public corporations, but it could
readily be used as a model to push against Defined Benefit Plans. It allows a new
type of pension plan to be implemented by those corporations. Previous
to Bill C27, for the most part, only two types were allowed where
the Federal Government had control. They are Defined
Contribution Plans and Defined Benefit Plans.
Our teachers’ pension is an example of a Defined Benefit Plan. The new
plan which would be allowed under the bill is a Target
Benefit Plan (sometimes inappropriately called a Shared Risk Plan).
For more information on the different kinds of Pension Plans
and the Global picture of Pensions in our current world,
type in the following URL www.bit.ly/pensionsin21stcentury
You will find a presentation prepared by RTO members,
Rosanne Orcutt (email@example.com)
and Bob Sutton (firstname.lastname@example.org)
They would be glad to answer any questions you have.
OTF President Mike Foulds:
"the one percent is responsible"
On September 28, 2016, MacLean's
magazine published an editorial,
"Why the one percent isn't to blame for income inequity."
president Mike Foulds responded with the following letter to the editor. A
portion of this letter was published in MacLean's letters to the editor
on October 10.
It was disheartening to read the September 28, 2O16
Editorial, "Why the one percent isn't to blame for income inequity", Our
Editorial: It's past time to rein in the public sector pension plan
bacchanalia. Not disheartening as a member of a fully funded,
jointly-sponsored public pension plan but disheartening to see what was
once Canada's preeminent weekly news magazine sink further into the muck
of right wing "journalism", best exemplified by such luminaries as Fox
To read the full article
(click for page
on Carewatch Lambton
Christmas Banquet 2019
teachers' of Lambton website.