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HomeMy WebLinkAboutTimes-Advocate, 1978-09-14, Page 13 (2)l • •- • 'ill uluu unnlu 1111111111111111111111111111.11111 11111111111111111111111111111111111 llll1lllll11 Itnllllllllll l lllllllh1111111111111111 lllrlllllllll ll llllll1111lllll 11 lllllll1111111111111111111111111111111111UIII II IIll11 III IIIIIIIUIIIIIIU11uI1i ui111111 j By JACK RIDDELL MPP Huron -Middlesex My colleagues and 1, in the Liberal ' Party are com- mitted to free enterprise and to ensuring a strong cor- porate sector in the years ahead, at the same time protecting the futures of the people who work within our free enterprise economy. In this connection, we are very concerned about the situa- tion with respect to pension plans in Canada, Stuart Smith has compared the financial status of these plans to a ticking timebomb, the eventual explosion of which would have devastating effects for cor- porations, governments and hundreds of thousands of pensioners. Indications are that the Canada Pension Plan and many private plans are tn danger of going broke. because theJevvel of benefits paid gut has been allowed to rise much faster than the level of contributions. Even 4111111111111111111111111111111)IIIIIIIIIIIIIII! The Light Touch sc By JACK LAVENDER There's nothing to match curling, up with a good book when there's a repair job to be done around the hol5se. . • We never realize what poor losers we are until wB try dieting. A `supermarket is where waiting on yourself saves • part of the time you lose checking out. Which is worse — the wife driving from the bock seal, ar the husband cooking_ from the dinner table? A flashlight is what you carry dead batteries in. Click! The spotlight's on Jack's Small Engine Repair Service 107 Queen St., Hensall 262-2103 for service you con count on. Express concern over plans two years ago, a survey of obliged to make up any some 100 Canadian eor- shortfall in their private porations revealed unfunded pension plans, and the pension liabilities of $930 liability can be enormous. million. Of Canadian companies sur- Rapidly ur- Rapidly escalating veyed by the Financial Ek salaries in the last decade ecutives Institute, nearly 20 have sharply increased the percent of those with pen - debts of most pension plans, sion plan shprtfalls face which calculate benefits on liabilities amounting to a percentage of an more than one year's after - employee's top earning, tax earnings: years or career average ear- Dwindling pension funds nings. Claims on pension .will have considerable im- plans are- now far greater pact on the Government of t ha n most a c t u a r i es Ontario, whose recent enor- pt'edicted when contribution mous spending deficits have schedules were established- been financed almost entire - Unless pension plan finan- ly by borrowing from pen- cial imbalances are resolved sion fund surpluses - whish quickly, hundreds of endin1982.: ' - thousands of working Canadians will not be able to collect a cent from pension plans to which they have contributed. For the Canada Pension Plan. the break-even point will be reached in 5 years - 1983. At that point, the, plan will be paying out more in current benefits than is received in premiums. The surpluses of past yearn, will be exhausted by the end of the century, approximately. and unless contributions are greatly 'increased before that time. the Canada Pen- sion Plan will go broke. 'To quote Canadian .Business magazine, "The mounting deficits are staggering. Canada's provinces at present owe their -Civil service pension plans . a total of $10 billion, and, in addition. they are in' debt to the Canada Pension Plan by more than $12 billion ... As for the private plans, whose combined assets total about $24 billion. incredibly. no one has yet done a comprehensive check on how far short they are If being able to pay the benefits they're committed to pay." Problems are com- pounded by the fact that the number of elderly people in Canada will double in the, next thirteen years. That same post-war "baby boom", which has moved like a tidal wave through our school system is now enter- ing the workforce: in- evitably. it will have an im-• pact on the pension plans. as the post-war "-babies" become senior citizens. and fewer and fewer workers support more and more pen- sioners. Lowering the man- datory age of retirement from the present 65 would create further difficulties. /J`, School with Anne as an The impending pension crisis will also have' an effect upon business and government. Companies are WI meets at CIa ndeboye By MRS. ARTHUR HODGINS " The September meeting of the Clandeboye ,Women's Institute was held at the home of Mrs. Michael Heffernan. The. president, Mrs... Art Hodgins was in charge assisted by secretary, Mrs. Dick Worthington. The roll_ call '*Your latest bit of knowledge" was an- swered by seventeen members and three guests. Because of no meetings in July and - August, the business part of the meeting was filled with many items -tQ be discussed suyh as, ways of raising money, 4H, area convention delegates and the October bus trip to Rochester, Michigan. Public Relations convener, Mrs. Wilmer Scott was in charge of the program. Potted mums were 'presented to Mrs. 011ie Hodgins• and Mrs. Evelyn -O'Neil; who have reached the golden years as mem- bers of the Institute. Mrs. O'Neil gatte an in- teresting paper on public relations. Mrs. Scott in- troduced Anne Revington of Lucan who showed slides. and commented on her visit' to Paris, France in May and June where she worked as an Au -Pair, for a french family. On her time off she-visited- theFrench Riviera including Monaco and Nice, then on through Belgitfm to Amsterdam, Holland, to meet a dutch friend and former school mate, who attended Medway High VANASTRA HOME FURNISHINGS and appliances large selection of... ede� we have a *2, 3, 4 piece Chesterfields 4O *Corner and Sldewall China Cabinets *3 pc. coffee table sets .z unk Beds -Lamps * Appliances-Antlques *Bedroom & K(khan Suites - *LAWN ORNAMENTS LOCATED 2 MILES SOUTH OF CLINTON IN VANASTRA..PHONE 482-7922 "the store with your everydaybargains" Nexchange student... , Mrs: Bruce Henry thanked Anne for taking us on such an interesting armchair tour. The Institute Grace was sung. Lunch was prepared by Mrs. Arnold Lewis Mrs. Dick Worthington and the hostess, Mrs. Heffernan. Personals Mrs. Arnold Blake was hostess for the United Church Wortlen on Tuesday evening. Mrs. Ethel . Donaldson, president was in charge and Mrs. Blake took the devotional part of the meeting. Plans for a wed- ding and shower in October were discussed as well as other projects.. The hostess served lunch and a social time enjoyed by all. Mrs. Harold Hardy and Mrs. Art Hodgins were guests of the Western Fair Association at the ladies luncheon Monday. Guest speakers were Jim Swan and Carol Campbell of the CFPL- TV "Morning Break". Head table guests included Joanne Palmer of Clinton, "Fairest of the Fair" and Anne Steeper of Corbett, "Farm Show Princess." - ONTARIO MOTOR LEAGUE:. BLUE WATER CLUB HURON DIVISION 7 Rattenbury St. East' CLINTON, ONTARIO 482-9300 VALUABLE COUPON OFF This coupon valued at '5 on purchase of a New Master O.M.I. Membership ','A Gift for You Or Friend" OFF ONTARIO MOTOR LEAGUE With This Coupon Coupon expires September 20 Not only must we readjust • expenditure patterns to avoid raiding the capital markets. but beginning in 1987 we must, in addition, find hundreds of millions of dollars every year till the end of the century in order to repay our - borrowings from public pension plans. Even this year, we must repay $175 million; our an- nual repayment will rise to $701 million in 1987, and to more than $1 billion in 1997. We can no longer ignore the pension "timebomb". Moreover, workers who are contributing benefits in the belief that they are ensuring adequate retirement in- comes must be told the truth about the impending crisis. The imbalance betw,een benefits and contributions in public pension plans must be . rectified. Every company with un- funded pension liabilities should reveal the full extent of those liabilities in their financial statements, and every company with un- funded pension liabilities should be• required to declare the means by which those liabilities will be met. Investors have a right t� know of these claims on the company's future profits and working people have a right to know the status of their promised retirement. incomes.. should be im- mediate vesting of pension rights for all workers who contribute to private plans. All pension rights should become fully portable. At present, in many cases. peo- ple who leave their employ- ment before age 45, or with WMS meets /The W.M.S. of Carmel Presbyterian Church met on Thursday evening with the President' Mrs. Harvey Hyde presiding and opened the meeting with a poem-, -"Faith" Mrs. Rochus Faber was in charge of the Devotional and opened with a poem "Comfort" Mrs. Faber read the Scripture Matt. chapter 13 verses 24-. 40. The topic "The Field is the World" was very well presented by Mrs. Faber after which she led in prayer: An invitation was received from the Arnold Circle even- ing Auxiliary to attend their "Thank Offering" meeting to beteld on October 10 at 8 P.M. The fall rally will be held in Goderich. October 11 at 1:30 P.M. — the speaker to be Miss Ida White. The meeting closed with the Lord's Praver. • less than ten years service. , lose their pension rights and are refunded only their con- tributions, plus interest. In addition, protection should be provided- for the senior worker who has con- tributed to a private pension plan throughout his career. but is now often left with np pension benefits when his employer shuts dowp. if the impending pension crisis is to be averted, we must plan and act now. without delay. Otherwise, several million Canadians will find that after a lifetime of contributions, they are unable to collect their pen- sion benefits. 'REC LEAGUE CHAMPS — The team from Hensall took the Times Advocate trophy as the top team during the regular season in the Exeter and district men's recreational softball league. Presenting the trophy to team rep Brian Campbell is league president Scott Morgan. T -A photo HENSALL HOCKEY REGISTRATI9N Saturday morning ,'"os the time for hockey registra- tion at Hensoll. As Tom Nlelonds of the minor hockey association and Jason and Jeff Clarke look on, mother Morg Clarke of Hensall fills out,the necessory forms.• - -Staff photo Water system changes -- - Continued from Rive 14 regulate the municipality as a whole. UCW plans bazaar The September meeting of the Chiselhurst U.C.W. was held Tuesday with the presi- dent Mrs. Jaek Brintnell presiding and opened with the Theme Song and Prayer Mrs. Vera Brintnell todk the Devotional and the topic was "Harvest Home" The roll call was answered by 11 members present. The fall regional will be held at Chiselhurst. October 17. . Arrang men - made to he 1 the Fall Bazaar on November 1st_ Mrs. Harold Parker s on the Conference e attended at Alma Coll ' ' e in August the Theme being "Stop -Look -Listen — 'Hear God Speak" which was most interesting. Mrs. Dick Taylor was in charge of the program and read a poem on "Dandelions" Ohe meeting closed with prayer. Mrs. Alt Ross' and Mrs Ed Dick were 'hostesses. (Council was to have given second and third reading to then` by-law but when they heard they would have to regulate the - whole municipality they didn't feel It was Lair to penalize everyone or the tor the ac- tions of a tea-. Reeve Harold Knight said. "11 you're going to be talking of putting this orrpaper then let's get someone to enforce it. 1 think if you're going to and we think it's a problem. than we should be looking for someone to enforce it." Council decided. to shelve "People are still going to-- their reading of a by-law that burn their leaves anyhowT "-would regulate the whole flow are you going toenforce municipality until the next lt'' '*'hat's what 1 want to- regular council meeting in knoss,-- councillor Pad'*''--t•he hopes that they could Nertands said, come up with- some more • •'I think all you're doing alternatives. is penalizing a lot ot people Council also discussed the tor a tee. ')ttenders. he official opening date of added. Hensall's new arena. Queensway Visitors with Laura Doman were Mr and Mrs. Lloyd MacDonald. Pontiac. N1ic•higan Joan Betteridge and Violet Bishop visited Irene Kalbfleisc'h. Mr. and Mrs..' Mitchell. Ottawa arid Mr and Mrs E H Denroeh ot Ottawa and Leslie Mitchell visited Louise Mitchell., Mr and Mrs 1) 11. Sinclair of Grand Bend visited Mrs Laura. -Dornan Mary Neil visited Niahel .Johns Harvey and .lulene Keyes visited Russell 1•:rratt Mr and Mrs ('ecil Smith visited several residents Melba Walper visited her mother Mrs. Adeline Taylor The Reformed Church Ladies. took sever,* residents to the Grand Bend Park for the afternoon and had treats. On Monday several nur- sing home residents went by bus to the Western Fair. London and attended the Grand Stand Perfor- mance: Reverend Van Essen had the Church -ser- vice on Tuesday accom- panied by Mrs. Van -Essen. Times -Advocate, September 14, 1978 Page 1S TOM AND JEAN' BRADLEY wish to invite you to their of the SHIPKA GENERAL STORE on Sat., Sept. 16 Please drop in for coffee and donuts NEW HOURS Daily, 8 a.m. to 9 p.m: Ctosed Sundays Free delivery on purchases over $10.00 milivroamewreeinivieseemeraimeitiOweralwireiereaftellee Ca' II us for the facts and figures on Flexaluin Aluminum Soffit and Fascia 1110 h('.tutitul \v,1\ 1.l-pri)tt4 t and 1•,ith('rl)rrN)1 \111)1 11IH11'! t',1\t'�. \\ 11 lc'r.)rl u1 uur dill( _ FOR A NO -COST • ESTIMATE PLEASE CALL G.W. LOGAN LTD. SIDING PRODUCTS 681-0183 (LONDON) Out-ofJown calls, pleose col: collect Qf luntll I ),,1i,41.i- u fano ,1;•,.. _ Winterize now by tackling those projects that will pay you dividends now add keep the chill out later. 4 L'ANqUARTFRs Pal -O -Pak Insulation h h. (-ie. 11. $3.45 Zonolite Insulation n 11. $3.,0 FIBERGLAS CANADA LTD FIBERGLAS INSULATION R8x 15- 12' per -square foot R 1 2x 1 5" 18' per square foot. R20x15" 30' per"sgare foot R28x24" 4"0` per square foot R20x23" 301- per square foot' INSULATION LISTED IS- LESS 5% Helping to keep your BALL'-MACAULAY L BUILDING SUPPLIES eating co D Clinton 482-3405 Sedforth 527-0910 Hensall 262-2418 ts down care BUILDING CENTRE • l