CUPE Ontario President to debunk pension myths at forum tonight
WATERLOO, ON – The pension plans that Ontario public-sector workers pay into are the best, most cost-efficient models for providing retirement income security, CUPE Ontario President Fred Hahn will tell a pensions forum in Waterloo tonight, focused on the Ontario Municipal Employees Retirement System (OMERS) pension fund.
“After working 35-40 years, our average member in OMERS gets a pension of $18,000 a year. I doubt anyone would call that gold-plated. At best it’s tin-plated,” says Hahn.
Employers and workers in Ontario’s municipalities, school boards and Children’s Aid Societies contribute jointly to OMERS, but the vast majority of pension payouts come from investment income. OMERS is one of Canada’s largest defined benefit pension plans, providing retirement income security for up to 1 in 20 Ontarians.
Hahn will discuss the important role of defined-benefit pension plans, such as OMERS and the Canada Pension Plan (CPP), in providing real retirement income security for Ontario workers who are increasingly being pressured to switch to insecure and less cost-efficient defined-contribution plans, like RRSPs .
“CUPE members know retirement income security through defined-benefit pension plans is critical for all workers in Ontario, and for our economy,” says Hahn. “That’s why our union has been fighting to increase the benefits provided under CPP. We think all Ontario workers deserve good, reliable pensions.”
WHERE: Waterloo Memorial Recreation Complex, 101 Father David Bauer Drive, Waterloo
WHEN: 7:00 p.m., Tuesday, December 4
For more information, contact:
Craig Saunders, Communications, CUPE, 416-576-7316