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To: (Name of MPP)
I am writing to let you know
how concerned I am about the threat to my retirement income caused by Stelco’s
restructuring. It is clear from what
Stelco has presented so far that they intend to reduce their costs by taking
money away from our pensions and benefits that we believed were secure and
protected by law. I understand that a
major part of the problem has been caused by the Government of Ontario reducing
the minimum level of pension plan funding required for large plans, and that
although this regulation was changed, Stelco was allowed to continue to not
make important solvency payments to its registered pension plans.
The Pension Benefit
Guarantee Fund (PBGF), which is intended to help pensioners when their pension
fund runs into difficulties, is of great concern to me because it:
·
is underfunded, and,
·
has not been adjusted
for inflation.
With respect to
underfunding, I understand that PBGF could not cover the demands placed on it
by Stelco pensioners should their funds be wound up. I have not heard that the
Ontario Government plans to rectify this problem.
With respect to the second
point, the minimum guaranteed pension has not been adjusted since the inception
of PBGF in 1980. It should be adjusted
based on growth in CPI so that the minimum guarantee is changed from $1000 per
month to $2500 per month.
Pensioners need these
pensions and benefits, and have made their retirements on the basis of
them. They are vital to us, to our
families and to our communities. I hope that you will be taking a strong
position in support of Stelco’s pensioners and would appreciate learning from
you what your action will be.
Yours sincerely
(Your Name &
Address)