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Will the Rich Get Richer? (STA BREAKING NEWS and ARCHIVES)

by Old_Ponter @, 3000 miles north of north pole, Saturday, March 18, 2017, 00:41 @ Theresa

North of the border, in the frozen tundra of the caribou grazing lands, in the land known as Ca-nada, there is a bill (C-27) that the Trudeau Liberal government has been pondering. The bill would allow employers to change the pension plans for workers and retirees.

The retirees spent decades paying into the pension plans in good faith on a promise they would receive a defined payment over their retirement. If the employers are given the power, they will retroactively change from a Defined Benefit into a Target Benefit that will wipe billions of dollars of pension liability off their books and leave retirees scrambling to pay their bills.

The CEOs of corporations when they walk away into the sunset walk away with MILLIONS of dollars. I know the case of a CEO who led a company for only 2 years who received 4 million dollars on retirement, after another company took over in a buyout. Yet, some people in that company worked until their 70's having worked 35-45 years and then walked away with a much, much smaller payout....

Will the Trudeau Liberals try to go where even Harper's Conservatives never dared?

Canada's Finance Minister Bill Morneau quietly tabled a bill this week that would give Crown corporations and federal private-sector employers the power to unilaterally back out of their defined-benefit pension commitments.

For both working and retired employees, the changes could mean dramatic reductions to retirement benefits they've paid into, budgeted around and assumed would be available for many years.

The President of the Canadian Labour Congress is pulling no punches, calling Bill C-27 an "unconscionable betrayal" and an "attack on future and current retirees" – here's how the CLC describes the impact of the new bill:

"Bill C-27 removes employers’ legal requirements to fund plan benefits, which means that benefits could be reduced going forward or even retroactively. Even people already retired could find their existing benefits affected, after paying in their entire working lives."

Bill C-27, innocently named the "Act to amend the Pension Benefits Standards Act, 1985," would remove the legal obligation for employers within federal jurisdiction to protect already accrued benefits.

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