The Stel Salaried Pensioners Organization wishes to thank the Welland Tribune for permission to post the following article by Reporter Mark Tayti published in the April 27, 2004 edition

Kormos calls for changes to Pension Act

By MARK TAYTI, Tribune Staff

WELLAND TRIBUNE, April 27, 2004, p. A3

TORONTO

Niagara Centre MPP Peter Kormos stood in the Ontario Legislature Monday and called for amendments to the Pension Benefits Act.

"This Bill is the first in a series of initiatives aimed at improving fixed-benefit pension programs," the NDP labour critic said.

Kormos said the amendment would guarantee retirees $2,500 a month through the province¹s Pension Benefits Guarantee Fund -- a fund that currently tops up pension fund shortfalls to a total of $1,000 per month when companies are unable to fulfil their obligations.

"People work hard for their pensions and deserve to retire without having to worry about benefits," Kormos said. "I call on the Liberals and Conservatives to support this Bill and pass it quickly."

Kormos said retirees and workers in Niagara and Hamilton will sleep a lot easier knowing such a pension "safety net" is in place.

He referred to the current shortfalls in pension funds held by Stelco --which have the potential to negatively impact retirees and their survivors at Stelpipe and the now-closed Welland Pipe.

Last week, Canadian Auto Worker (CAW) Local 523 attended Welland council looking for support to strengthen the Pension Benefit Guarantee Fund. The CAW resolution passed unanimously.

"It's time to bring pension rules into the 21st century," Kormos said. "It's time to give retirees peace of mind that comes with knowing they will be able to pay rent and put food on the table."

Kormos said there is nothing complicated about the Bill that moved in the Legislature Monday.

"You are either for it or against it," he said.

Kormos believes company-funded improvements to the Pensions Benefits Guarantee Fund will provide incentive for the companies to stay current with their pension obligations -- and not defer payments, as was the case with Stelco before it sought bankruptcy protection under the Companies Creditors Arrangement Act (CCAA).

"The message is that you either pay now or you are going to have to pay

later," Kormos said.

The outspoken MPP said he would be bringing other Bills to the floor of the Legislature in the coming days to help improve the pension prospects for Ontario workers.

"We need to renew and review the pension system in Ontario," Kormos said.

"There are a broad range of issues that still need to be addressed. We need to look at ways to help all workers so there is something at the end of the working life for everybody."