MPP BAILEY WELCOMES PC MPP JULIA MUNRO TO SARNIA-LAMBTON FOR ROUNDTABLE ON RETIREMENT SECURITY
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SARNIA, ON– On Monday, Sarnia-Lambton MPP Bob Bailey welcomed Ontario PC Critic for Seniors and Retirement Security, Julia Munro (York-Simcoe), to Sarnia-Lambton for a roundtable in Point Edward to discuss the future of public and private sector pensions in the province.
The roundtable discussion focused on a number of issues facing retirement security in Ontario, including public and private pensions as well as PRPPs. The discussion also considered the Don Drummond Report commissioned by the McGuinty Government that illustrated the need for action on public sector pensions. In February 2012, Drummond warned the government about the dangers of skyrocketing public pension costs saying that further pension increases would affect the government’s ability to pay.
“Regardless of age or income, retirement security is an issue to all Ontarians,” said MPP Bailey. “It is important to not only raise awareness about these issues but, as a province, we need to tackle the challenges that people face when they prepare for retirement.”
Many people, particularly middle income Ontarians, do not have sufficient savings and investments to guarantee a decent income and quality of life for their retirement. This burden increases dramatically when we consider that many within the private sector do not even have a pension plan in place. In addition, people who work part-time face many challenges as they struggle to put aside an adequate savings plan while seeking full-time employment. While this challenge is one that spans all levels of governments, the cost to taxpayers for paying into pensions is beginning to increase dramatically.
“With the rising unfunded liability on many public sector pensions plans, tax payers are on the hook for billions of dollars that we cannot afford,” Munro said. “The Ontario PCs have put forward a series of proposals to address retirement security issues in our consultative Paths to Prosperity: Sustainable Retirement Security white paper which includes bold ideas like considering a defined contribution rather than a defined benefit pension plan, collecting and publishing full financial information about the liabilities of the province and its taxpayers, and phasing in a higher retirement age for government employees.”
The roundtable was well-attended by small business owners, the Sarnia-Lambton Chamber of Commerce, financial advisors and others interested in the topics discussed.
For more information, contact:
David Donovan | 416-325-1715 | firstname.lastname@example.org | www.bobbaileympp.com
Julia Munro’s Office | 416-325-3392 | email@example.com | www.juliamunrompp.com