Tories would revamp pensions by raising retirement age, no defined benefits | iNFOnews | Thompson-Okanagan's News Source

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Tories would revamp pensions by raising retirement age, no defined benefits

SOURCE/Wikipedia
March 18, 2013 - 8:10 AM

TORONTO - The Progressive Conservatives says Ontario can't afford public sector pension plans.

Opposition Leader Tim Hudak says retired public sector workers with defined benefit plans are earning more in retirement than they've contributed.

He says the government should have new employees contribute to defined contribution pensions like those in the private sector.

Hudak says the province should also phase in a higher retirement age —particularly for teachers — but wouldn't say what that age should be.

Premier Kathleen Wynne says her government is tackling the problem of pension shortfalls that will require the province to make bigger contributions.

She says the governing Liberals have reached agreements with three public sector pension plans that would freeze rates for five years.

News from © The Canadian Press, 2013
The Canadian Press

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