Morneau can't be kept in a position which he's used mostly to enrich his own class of vulture capitalists.
Bill C-27, the Act to Amend the Pension Benefits Standards Act, 1985, may seem like the kind of legislation that would only interest an actuary.
But for Fred Vettese, the chief actuary of Morneau Shepell, this legislation — which would allow for the establishment of target-benefit pension plans in federal and Crown corporation workplaces — is a kind of corporate Viagra.
For years, Vettese and his colleagues at Morneau Shepell have been the chief cheerleaders for these newfangled plans. They see them as a profitable business opportunity as companies desperately try to dump defined-benefit plans, and employees balk at the high risk and meagre returns of defined-contribution plans that are often their inevitable replacement.
Target benefit plans are supposed to hit the sweet spot in the middle, although they’re loved by no one apart from plan sponsors — private companies and governments. Employees and pensioners are scared stiff that the plans will leave them high and dry, allowing employers to slither out from under their promises of guaranteed pensions to employees. They fear the retirements they paid for through years of payroll deductions will evaporate, replaced by uncertain payouts determined by the vagaries of the stock market.
more
https://ipolitics.ca/2017/11/24/morneau-hopelessly-tainted-now-fire/
Bill C-27, the Act to Amend the Pension Benefits Standards Act, 1985, may seem like the kind of legislation that would only interest an actuary.
But for Fred Vettese, the chief actuary of Morneau Shepell, this legislation — which would allow for the establishment of target-benefit pension plans in federal and Crown corporation workplaces — is a kind of corporate Viagra.
For years, Vettese and his colleagues at Morneau Shepell have been the chief cheerleaders for these newfangled plans. They see them as a profitable business opportunity as companies desperately try to dump defined-benefit plans, and employees balk at the high risk and meagre returns of defined-contribution plans that are often their inevitable replacement.
Target benefit plans are supposed to hit the sweet spot in the middle, although they’re loved by no one apart from plan sponsors — private companies and governments. Employees and pensioners are scared stiff that the plans will leave them high and dry, allowing employers to slither out from under their promises of guaranteed pensions to employees. They fear the retirements they paid for through years of payroll deductions will evaporate, replaced by uncertain payouts determined by the vagaries of the stock market.
more
https://ipolitics.ca/2017/11/24/morneau-hopelessly-tainted-now-fire/
