I heard somewhere that GM Canada wants the Province of Ontario to help out with GM workers pensions!!! Anyone heard this?
GM Pensions
- Thread starter spankingman
- Start date
It was on the news today.
That would not go over well with the taxpayer. I am sure the taxpayer understands the need to keep people working and to help keep jobs going but it's not my concern if your pension goes tits up because you gouged the company too much over the years.
GMs pension issues has to be treated separately and the company and the union are going to have to work that shit out. I will be really pissed if tax dollars are used to bail out the pension.
That would not go over well with the taxpayer. I am sure the taxpayer understands the need to keep people working and to help keep jobs going but it's not my concern if your pension goes tits up because you gouged the company too much over the years.
GMs pension issues has to be treated separately and the company and the union are going to have to work that shit out. I will be really pissed if tax dollars are used to bail out the pension.
Did you know that there are 34,000 Canadian retired GM workers and only 14,000 in active service (some on disability leave)?
We are already using tax dollars to ensure that retired public sector teachers can Winter in Florida, must we also fund GM retirees as well?
We are already using tax dollars to ensure that retired public sector teachers can Winter in Florida, must we also fund GM retirees as well?
So much misinformation out there. 
There is a fund set aside for ALL peoples' pensions to insure them against collapse. So if a fund collapses, the money in the fund ensures the people still get their pension (or at least a part of it).
The problem is that the fund is nowhere near sufficient enough to handle the collapse of a monster employer like GM. So the GM workers are seeking assurances they will be taken care of. Which isn't going to happen because the fund can't handle the sheer volume of liabilities for all corporations out there.
There is a fund set aside for ALL peoples' pensions to insure them against collapse. So if a fund collapses, the money in the fund ensures the people still get their pension (or at least a part of it).
The problem is that the fund is nowhere near sufficient enough to handle the collapse of a monster employer like GM. So the GM workers are seeking assurances they will be taken care of. Which isn't going to happen because the fund can't handle the sheer volume of liabilities for all corporations out there.
Keebler Elf said:So much misinformation out there.
There is a fund set aside for ALL peoples' pensions to insure them against collapse. So if a fund collapses, the money in the fund ensures the people still get their pension (or at least a part of it).
The problem is that the fund is nowhere near sufficient enough to handle the collapse of a monster employer like GM. So the GM workers are seeking assurances they will be taken care of. Which isn't going to happen because the fund can't handle the sheer volume of liabilities for all corporations out there.
So not misinformation (which means inaccurate) but incomplete information. (Which I agree is a problem.)
Either way...I say no way. Pensioners and workers are going to have to work with GM to sort this shit out.
Either way...I say no way. Pensioners and workers are going to have to work with GM to sort this shit out.[/QUOTE]
It doesn't work that way. Everyone in the province who is in a pension plan is protected by law should their plan collapse. This is not for the full pension owing but a portion. Imagine your 92 on a pension how the hell are you going to sort it out or lets say its your Mom or Dad how are you going to work it out on their behalf. If GM folds they have assets that can be taken from them in a worst case scenario. The real big shame in all of this is that less than 50% of working Ontarians are in a pension plan and take away governmental workers and teachers its less than 35%.
It doesn't work that way. Everyone in the province who is in a pension plan is protected by law should their plan collapse. This is not for the full pension owing but a portion. Imagine your 92 on a pension how the hell are you going to sort it out or lets say its your Mom or Dad how are you going to work it out on their behalf. If GM folds they have assets that can be taken from them in a worst case scenario. The real big shame in all of this is that less than 50% of working Ontarians are in a pension plan and take away governmental workers and teachers its less than 35%.
Keebler Elf said:So much misinformation out there.
There is a fund set aside for ALL peoples' pensions to insure them against collapse. So if a fund collapses, the money in the fund ensures the people still get their pension (or at least a part of it).
The problem is that the fund is nowhere near sufficient enough to handle the collapse of a monster employer like GM. So the GM workers are seeking assurances they will be taken care of. Which isn't going to happen because the fund can't handle the sheer volume of liabilities for all corporations out there.
Yes the Fund is called Pension Benefit Guarantee Fund, all pension plans registered in Ontario must annually contribute to the plan and when a company goes belly up, the PBGF covers the pension of their members up to a maximum amount. That said considering the current economic condition of the whole economy, not only is GM but lots of other employers are in financial difficulty, this may dried up the PBGF itself.
As for GM case, it is about time that its union realized how costly it is for GM to honor all those promises and actually renegotiate some of those expensive benefits down.
mac said:
Don't forget the government (i.e. taxpayers) is already funding the retirement of a bunch of teachers and other provincial sector retirees and future retirees.
Well, my government pension's bulletproof. It doesn't stop me from making RSP contributions and planning to fend for myself. Anyone with a pension plan should make other arrangements. Forego consumption today for security when you're old.
Hangman said:
Yep, you won the lottery. When one of my friends married a school teacher, I told him that he won the lottery because of her gold plated teacher's pension plan.
GM has a lot of nerve asking us to help with their pension and benefits for their retired workers - and Ken Lewenza can kiss my ass too! What an unbelievable bunch - the labour rates and benefits package that they have been giving to their employees for oh - let's say - teh last 40 years is a VERY large part of the reason taht they are now in trouble! Their greed throughout the years is not the problem of the taxpayer - I say let them all go down for their greed and arrogance - and I hope people like Buzz Hargrove and Ken Lewenza end up having to work at a place like Tim Horton's!
rafterman said:
Back during the Bob Rea regime I believe it was, GM was given a pension contribution holiday to help out with money problems( sound familier). The concept was that GM was " To big to fail". The govt pension guarentee fund was never intended to deal with something the size of GM the idea was that they would cover it themselves.
The CAW should be ponying up to the trough with some of the union dues they have collected and invested over the years. I don't see he need for a striike fund for the forseeable future for some reason.
Cycleguy007
Banned
Rockslinger said:
No lottery here. It wasn't "luck", it was a conscious decision to serve my country at the time. Your friend would be a real scumbag to leech off his wife's pension. The point is, though, that you still have to take personal responsibility for your future, not depend on the pension system to protect you.
Just when you thought it was safe to go back to the beach, I just started a thread on OMERS pension ($8 billion blowout).
It was noted on the news tonight that there are more people on GM pensions than WORKING at GM. That is one of the problems they said.
dcbogey said:
Talking about the government funding GM pension in addition to teachers and other retired public sector employees.
