Company Pension Funds need to be in a Trust

[JLM]

I wish legislation had been passed, so that private companies as well as government couldn't get their hands on any pension money.

When Jean Chretien was PM, the federal govt appropriated the military and RCMP pension fund, a private fund worth 34 billlion dollars, and put it into the government coffers. Not one penny of the RCMP and military pensions was supplemented, or in any way supported, by the CDN taxpayer..

It's certainly NOT a subject that I'm cognizant about and don't have very many details, but years ago there was a rumour going around that the Federal Gov't. had siphoned money from the C.P.P. to compensate injured workers. The C.P.P. was started c. 1966 to provide a modest pension for all Canadian workers when they reached retirement age. While I have absolutely no problem with supporting workers injured on the job I don't think it should be done with money that the employees felt was intended to go elsewhere. Am I wrong in believing that, THAT should have been in the W.C.B.'s jurisdiction? If my 'facts' happen to be incorrect, I wouldn't object at all if someone in the know could straighten me out.

 

[Hoid]

"Trust" or not, the banks get the first crack at every nickel, in case you were wondering who REALLY run things.

Not true.

The liberals raided the military/RCMP pension for $4 billion? Can;t remember the number but I know they took a massive amount of money out of that pension plan and stuck it into general revenue in another of their "balanced budgets" there in the 90s. Harper and the cons were outraged - until they took over - and then it was just fine with them.

Oh yes - I remember that story well.

And of course the denouement is that the current Liberal government needs to pump $4 billion into the same pension plan in order to keep it floating.

 

[Curious Cdn]

Not true.

The liberals raided the military/RCMP pension for $4 billion? Can;t remember the number but I know they took a massive amount of money out of that pension plan and stuck it into general revenue in another of their "balanced budgets" there in the 90s. Harper and the cons were outraged - until they took over - and then it was just fine with them.

Oh yes - I remember that story well.

And of course the denouement is that the current Liberal government needs to pump $4 billion into the same pension plan in order to keep it floating.

Well, they can always cut Veteran's benefits, again. The WWII Vets are almost all gone and the more recent ones aren't numerous enough for the Canadian pubic to care a rat's ass about, anymore.

 

[Durry]

Defined benefit plans are on their way out of existence.

Most companies do not run their own pension plans anymore

 

[JLM]

Defined benefit plans are on their way out of existence.

Most companies do not run their own pension plans anymore

That might be an improvement. Might eliminate "inventing the wheel" over and over.

 

[Durry]

Unions don't like to see them disappear

 

[Murphy]

Not true.

The liberals raided the military/RCMP pension for $4 billion? Can;t remember the number but I know they took a massive amount of money out of that pension plan and stuck it into general revenue in another of their "balanced budgets" there in the 90s. Harper and the cons were outraged - until they took over - and then it was just fine with them.

Oh yes - I remember that story well.

And of course the denouement is that the current Liberal government needs to pump $4 billion into the same pension plan in order to keep it floating.

I guess you didn't read my post. The Supreme Court's figure was 30.9 billion, not 4 billion.

 

[Hoid]

I guess you didn't read my post. The Supreme Court's figure was 30.9 billion, not 4 billion.

Oh that's right. They took $30 billion out of that pension fund - which obviously should belong to the people paying into it.

But it was all ok because it was the public service and Canadians hate the public service.

Certainly they'll go stand on a bridge when a dead one goes buy but they aren't about to give them any money.

 

[Murphy]

That was my pension fund, and 1000s of others.

 

[tay]

Corporate bankruptcy is not a new Canadian phenomenon. Despite that, it seems that our neoliberal masters are intent only on protecting the corporate sector, not the citizens of this country.


Politicians, retirees push for new laws to protect pensioners

Bloc Québécois, NDP MPs propose bills to put pensioners closer to front of line in bankruptcy proceedings


In the wake of the Sears Canada bankruptcy, which is leaving 16,000 retirees unsure about the future of their under-funded pension plan, support is growing for new laws to better protect Canadian workers during corporate collapse.

CARP, a national non-profit advocacy group formerly known as the Canadian Association for Retired Persons, will be on Parliament Hill on Wednesday to meet with dozens of MPs as it lobbies for legislative change.

"What CARP is asking for is that unfunded pension liability be given 'super priority' status so it goes to the front of the line," said Wanda Morris, vice-president of CARP.

Pensioners hold no priority when it comes to dividing up assets during bankruptcy, and Morris said that typically in this country, defined benefit pensions are underfunded.

"There are about 16,000 [retirees] at Sears, but it just pales compared to the 1.3 million that potentially could be at risk. That's 1.3 million corporate pensioners with defined benefit pension plans," said Morris.

On Oct. 17, Bloc Québécois MP Marilène Gill proposed a private member's bill, C-372, to amend the Bankruptcy and Insolvency Act and the Companies' Creditors Arrangement Act.

The amendment would "correct the injustice faced by retired workers whose pension plans and group insurance plans are not protected when their company goes bankrupt or undergoes restructuring."

Later this fall, Hamilton Mountain MP Scott Duvall plans to introduce his own private member's bill on the issuer. While he notes he has had talks with Gill, he said his bill will be a little bit different.

"It's basically modifying the legislation the way it's worded now. When people go into bankruptcy protection the pensioners will be a secured creditor," Duvall said.

'Could have been prevented a long time ago'

more

Politicians, retirees push for new laws to protect pensioners - Ottawa - CBC News

 

[MHz]

Only goes to show how many suckers there are. If it seems too good to be true then it probably is. Pension funds get raided all the time, only a total fool would thing an American Company would put the welfare of Canadian workers above the shareholders in said companies.

Might I suggest two cardboard boxes in the winter months.

 

[tay]

Only goes to show how many suckers there are. If it seems too good to be true then it probably is. Pension funds get raided all the time, only a total fool would thing an American Company would put the welfare of Canadian workers above the shareholders in said companies.

Might I suggest two cardboard boxes in the winter months.

Your compassion is oozing over.........

 

[MHz]

If the babyboomers were too stupid to save on their own they can pay the consequences. They were hoping to turn a $20 bill into a $50bill and they got scammed instead. Why would I feel sorry for them??

I have lots of compassion for the ones that deserve it. Like the 4M Muslims killed because they happen to live on valuable land and the West would rather kill them and steal the wealth rather than just buy it like honest people would.

If Enron didn't open any eyes then so be it. lol

 

[tay]

You should move to Israel and fight the good fight. Words on a website in Canada are wasted particularly when no matter what the subject that is your mantra........

 

[MHz]

My guidebook indicates that happens after God has control rather than the Rothschild version, don't let that hold you back as you will never see the place under His control.

You and the collective are the ones in love with Israel, perhaps you should take your own advice. The US killed the 4M Muslims in their illegal wars so I didn't even reference Israel at all. You brought that yo all by yourself.
If I wanted to say it was Israel I would have, there is nothing shy or deceptive about me. Even if I didn't mention them at all do you really think the collective would act any different?? The Holocaust thread was a decade ago and the collective still remembers it like it was yesterday. The only one having trouble letting go is you tards, as you just proved. No reason for me to back off condemning the ones that need condemnation more than anybody on the planet.
Ding, round 2 just started thanks to you.

 

[Murphy]

The US has never killed Muslims. Your drug soaked brain believes the fake news websites that you continually visit for your information. News blessed by your church. Your funda-mental brain cannot comprehend your evil nature. You are the devil's disciple. You and selfsame.

You spout biblical quotes on one hand and the then us and run don humanity with the other. Yours is an empty existence, full of hate and lies. The words of the devil.

We can thank God that you have no children. Drink of the Kool-Aid, sycophant of the devil's church. Get thee behind me.

 

[MHz]

You sure you're on the right thread?? Or even the right board??

 

[TenPenny]

The US has never killed Muslims.

Uh, well, there's Iraq, pretty sure a couple of muslims were killed there in the last 30 years.

 

[MHz]

The war is 70 years long twit.

 

[Murphy]

Uh, well, there's Iraq, pretty sure a couple of muslims were killed there in the last 30 years.

You and I know that, but Mhz will tell you it was the Jews. :lol:

Like a fiddle. :lol: