Publicpower means no more gambling with
pensions
LONDON - NDP Leader Howard Hampton says the Conservatives should stop
rolling the dice with seniors' nest eggs and move forward with the NDP's
publicpower plan to safeguard pensions.
"The
Conservatives are gambling with people's hard-earned pensions,"
Hampton said outside Western Fair Racetrack Slots. "Retirement with
dignity shouldn't be a crapshoot. It's a right for every Ontarian who
works hard and plays by the rules."
Hampton
raised the case of Granton retiree Jim Hodgins, 67, who worked for the
United Co-operatives of Ontario for 32 years. He's one of the 2,300-member
Participating Co-operatives of Ontario Trusteed Pension Plan who saw their
pensions halved after the plan had to begin winding up because of a
high-risk investment strategy that went bad. The plan has only $64 million
to meet its $120 million in obligations.
"People
like Jim Hodgins worked hard for their pensions and paid into their plan
in good faith," Hampton said. "They deserve to have their
pensions protected, not wagered away by the high-risk rollers who control
these plans."
Hampton's
certified balanced-budget election platform, publicpower, calls for a
Royal Commission to examine pensions and the regulations that govern them.
The NDP wants changes to the Ontario Pension Benefits Act to protect
retirees like Hodgins. And publicpower, includes specific recommendations
for pension reform such as:
·
Making
pensions portable so they can be moved from one job to the next.
·
Vesting
pensions from Day One.
·
Protecting
pensions from inflation by linking payments to hikes in the
cost-of-living.
·
Ensuring
that a back-up exists for multi-employer pension plans such as the Co-op
Pension Plan.