Unless something changed in Bill 22 to put the liability for solvency back in the hands of government and taxpayers, the GOA hasn’t guaranteed these plans in decades. When ADM Prefontaine worked for GOA he told us that. Now he’s in the C-suite at AIMCo. #ableg 3/7
So Kenney’s comment that these plans “are government-guaranteed” is wrong. In fact, because GOA has no liability for these plans, it should back off and let them alone. GOA has rights as an employer/sponsor for MEPP and PSPP, but LAPP and SFPP have no GOA members. #ableg 4/7
ATRF is in separate legislation. Point 3: Kenney is wrong that poor investment returns don’t affect pensions. Of course they do and he knows it. They affect the very thing he has been harping on for years in his anti-DB campaigns - it affects long term sustainability. #ableg 5/7
Oh did Jason not tell you? He has been campaigning against DB Plans calling them gold-plated since the early 90’s as head of the Canadian Taxpayers Federation. His views haven’t changed. Wait for other shoe to drop. Long term plan is to dismantle DB Plans. Last one. . 6/7 #ableg
It is true that pension benefits in a DB plan don’t fluctuate with changes in the market IN THE SHORT TERM but losses affect the sustainability of the plan over time. Without money to cover the cost of pensions, benefits will need to be cut or contributions will rise. #ableg 7/7
