NAPE Retirees Local 7009 President Ralph Morris Presentation to Pensioners Meetings March 23 - May 17, 2011
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- Barnard Garrison
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1 What is Wrong with the Pension Plan of Newfoundland & Labrador? In 1967, the Government of NL introduced the Public Service Pension Plan. At the time of its inception, the rule was that Government would match the contributions from the employees of Government, at a rate of 6% each, and place invest the contributions into a pension fund. The employees have always made their contributions in accordance with this formula, never once wavering, and trusted the Government to do the same, as one would expect in a fair, equitable, and honest agreement. Government, however, failed to place any of the monies into the fund, did not make its own contributions, (until 1981) and spent the contributions paid into the fund by the employees on public services for the people of the province, until 1981 when the Pooled Pension Fund was established. This Pooled Pension fund included Public Sector Workers, Teachers, Employees in the Uniform Services, Members of the House of Assembly and Provincial Court Judges. From 1981, monies were paid into the Pooled Pension Fund on a continual basis until 1991 when the Government of Premier Clyde Wells decided to take a holiday from paying contributions for a period of time (approx. 3 yrs), thereby reducing the benefits to pensioners by approximately 3% (1%= Government s portion, per year for 3 years). Also in this period of time from 1967 and on into the continuing years, Government deliberately abused the pension plan by granting ex gratia pensions to people who never worked for Government and who made absolutely no payment of premiums; Government also granted time spent for service in the armed forces to former members of the military, also free of having to pay any premiums. This ex gratia pension was not only limited to the armed forces, but were also issued to some former clergy, to crews of the costal boat service, and others who never paid into the plan. In the early 70 s and 80 s, the Government made several reductions in the public service for austerity purposes and to achieve this by forcing certain employees to take early retirement, they dropped the age from the original 65 years for retirement to 60 and then later to age 55. All of this added to the unfunded liability and had members of the pension plan paying for the austerity programs. All of these actions added greatly to the unfunded liability of the pension
2 plan, actions caused deliberately by Government, with total disregard for the long term effects these actions would have on the benefits that pensioners would receive. Today, Government continues to use the unfunded liability problem as the reason not to address these injustices of the past, leaving the general public with the impression that the problem is that of pensioners, who are portrayed as constant complainers, who should be grateful for what they receive. Abuse of the pension fund by Government continues to this very day: adding the unfunded liability of the MUN pension plan to the tune of some $62.5 million dollars onto the backs of the members of the Pooled Pension Fund. changing the hiring practice of Government by hiring part time and temporary workers to replace permanent workers adds to the unfunded liability of the plan. Government s continual portrayal of the unfunded liability as an excuse not to remedy the mistreatment of the past is really a red herring when it comes to the true picture of what this means to the province. This is done to confuse and mislead the general public into believing that public sector pensioners are asking for a benefit to which they have no right and are looking for special treatment over and above all other citizens of the Province. Simply put, the unfunded liability means that if every person working for Government or its agencies were to go to pension today, then that is what the Province would be liable for. We all know that is not going to happen. Again, this is a tactic of Government to mislead the people of the province on this issue. The Pooled Pension Fund is actually in very good shape, to the tune of some $7 Billion dollars. Another tactic of Government is to make the people of the Province believe that pensions are paid from the public purse. Nothing is further from the truth! Pensions are paid from the Pooled Pension Fund which is made up of the contributions made to that Fund by present and former employees and by Government or its agencies when Government was not taking holidays or spending the employees contributions. In addition to the already listed actions, Government initiated wage freezes, roll backs, non payment of Pay Equity, all of which had an affect on the pension benefits of present retirees and will continue to haunt future pensioners if not rectified.
3 Prior to 1991, Government initiated increases for pensioners on an ad hoc basis mostly announced during the provincial budgets, in conjunction with increases given to its current works. What is not known, though, is that these ad hoc increases were taken from the pension fund. These ad hoc payments were unilaterally stopped by the Wells Administration in 1989, some 22 yrs ago, and subsequent Governments have continued with this same autocratic action ever since. (SEE APPENDIX) I recently read that persons on fixed income loose their purchasing power at the rate of 30% every 10 years. This means that for those who retired in 1991 with no increase since, the loss of purchasing power is now 60% less than what it was in that year. In addition if we do the math on every $10,000 of pension income, pensioners have lost an additional $ per year for every $10, of pensionable income since this infamous year of Pensioners are paying dearly for the unilateral actions of Government to which they had no input. Government would have the people of the Province believe that pensioners should be grateful for the few crumbs that are left from their meager pay envelopes. Recently, the Minister of Finance requested the St. John s Board of trade to work with him to help solve the problem of the unfunded liability. Talk of the fox looking after the chicken coup. This group of individuals firmly believes there should be no pension plan, no insurance plans, no Employment Insurance, and that workers should be paid the lowest wages possible, all in the interest of increasing corporate profits. Their interest in the pension plan is truly self-serving and would mean that more and more people should live in poverty while they reap more and more profits. Maybe it is time for workers and pensioners to start boycotting some of the businesses that make up the membership of the Board of Trade, thereby reminding them that their profits come from workers and former workers, and that the purchasing capacity of consumers should not be taken lightly in today s society. The costs and various facts about the administration of the Pooled Pension Fund are little known features that current workers and pensioners generally know little about. The Minister of Finance is the trustee of the pooled pension funds and pensioners have very little say, if in fact any, into what happens in relation to the administration of their monies in the Pooled Pension Fund. Administrative costs are increasing at an alarming rate yet
4 workers and pensioners have no idea of what is happening, what guides the decisions on investments, why investment companies that have lost considerably are still investing the fund s assets, and why the office costs of the Pensions Division are escalating. Secrecy is abundant and pensioners never see financial statements or any information into the operations of the plan. To us, as pensioners, the Minister of Finance and President of Treasury Board being the chief trustee of the plan is in a definite conflict of interest position. While Members of the House of Assembly are part of the Pooled Pension Fund, their plan (or should I say plans) are much more lucrative than other members of the fund. In fact the Members of the House of Assembly have two (2) pension plans, one contributory by the members themselves and Government (9% each) and the other fully funded by Government with no contribution paid by Government Members and thus fully funded by the tax payers of the province, Perhaps this is what the Minister talks about when he speaks of tax payers paying the pensions of former workers. I think not. The benefits from these plans are far richer than those of regular contributors of the pension fund and in fact some benefits are even duplicated. In addition, MHA s can roll over service years from other time in the public service to benefits from the higher and duplicate benefits of the MHA s plans. Talk about looking after oneself! What a travesty! I wonder what the general public would have to say about the real drain on the pension fund and the taxpayers dollars. To further make life more difficult for pensioners, at age 65 years we are cut back on our Provincial Pensions because of integration with the Canada Pension Plan. This leaves some pensioners with substantially less income than they were receiving prior to age 65. This issue has to be made a major priority by all workers and their bargaining agents in any future contract talks. In addition to all of the aforementioned injustices, this one looms as the single most awful injustice of all. All in all, the issue of pensions is becoming more of a priority for pensioners and current workers in the public sector. Its time to unite all parties and fight for what is right and decent, so that we cal all live in the dignity we deserve in our retirement. We, as pensioners and workers, have to become engaged in the election process and make sure that if the candidate running for office does not support your issue of better pension benefits then you will not vote
5 for that candidate. Become engaged. Greet your candidate, prepared to ask him or her questions relating to your pension plan. DO NOT ALLOW THEM TO SIDE TRACK YOU WITH THEIR PROPAGANDA OF THINGS THEY ARE DOING FOR SENIORS. THIS IS NOT A SENIOR S ISSUE. IT IS A PENSIONER S ISSUE, MANY OF WHOM ARE NOT SENIORS, e.g. persons on disability and widows and widowers. Your true power is at the ballot box, Use it to make your quality of life and that of future generations much better so that all can live in dignity and comfort.
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