The Goderich Signal-Star, 1980-05-28, Page 24STOCK UP!
AGE` G!',. GODER C. $i NPit STA ., WEPNNSDAY, MAY 38,E 9,8:D
COMMUNICATION think 0041 fi it,
and
BY
JACK RIDDELL,
MPP
Questions were asked
the Provincial Treasurer
about the pension fund
borrowing of the Ontario
Government used to
finance the government
deficits over the past
decade. The seriousness
of the problem was
brought to light by
comparison when Eric
Kierans quit the Quebec
pension agency, The
Caisse de Depot et
Placement du Quebec,
accusing Finance
Minister Jacques
Parizeau of siphoning off
money from the fund to
finance provincial
deficits. Parizeau wanted
to borrow $1.5 billion
from "The Caisse" this
year at below market
rates.
Ontario has been
borrowing from the
pension fund for years
and, in fact, as of March
31, 1980 owes the
following: Canada
Pension Plan- - $8,757
billion; Teachers'
Superannuation Fund,
$3,523 billion; Ontario
Municipal Employees
Retirement Fund - $1,293
billion; or a total of
$13,573 billion, all of
which has been used to
finance provincial
deficits.
Studies show that had
this money been invested
in the marketplace, in
- Jack Riddell
productive capital rather
than just to fuel' deficits,
Ontario would have a far
more healthy economy at
the present time. There
would have. been lower
inflation, . higher real
income, less unem-
ployment and higher real
growth.
David Peterson,
Liberal. Finance Critic,
called for a complete
review of our deficit
spending and borrowing
policies in order to create
more real wealth in
Ontario.
"We cannot saddle
future generations with a
higher tax load to make
up for deficient .pension
funds. It will turn out,
with hindsight, to be one
of the most serious
mistakes of the Ontario
Government."lie said.
PENSION MESS
Following his pursuit of
pension plans in Ontario,
Mr. Peterson called on
Frank Drea, minister of
Consumer and Com- .
mercial Relations, to
bring an immediate
disclosure legislation for
private pension plans in
the Province of Ontario
as the first step in
cleaning up the pension
mess in Ontario.
The Quebec model,
enacted last year, would
be a good one .to follow
which requires that
employees receive - in-
formatQn about their
pension plans including:
1. The amount of the
employees' contribution
and interest accrued.
2. The amount of the
employers' contribution
and interest accrued, '
3. Percentage of
members' contribution
vested in case of ter-
mination of employment.
4. Amount of money
payable to the employee
at normal retiremefi't
age.
5. Overall funding rate'
of the plan.
6. Death benefits
payable.
At present, many
employees are very
Turn to page 7A •
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E
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