Quote:
Originally Posted by Keith P.
Yes, the HRM pension plan is gold-plated, with ridiculous provisions. No adjustment for CPP being paid at age 65 like most other plans, which is the most obvious change that needs to be made. No formula for COLA increases, which needs to be put in place. No detail on "special payments", which sounds ripe for abuse. No limit on # of years earning pension, which means someone could get a pension paying 100% of their best 3 years salary if they held on long enough (I hope it cannot go over 100%). It violates a lot of the rules that well-managed plans follow. It is a financial bomb waiting to go off in the faces of HRM taxpayers.
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The HRM retirees do not get COLA.
The maximum pension available is 70% of best average 3 years. No pension plan is allowed to pay more.
Special payments are payments required by legislation in every province in order to keep a plan properly funded.
Page 30 of the report shows the HRM paying a higher pension to a retiree age 60 from age 60 to age 81 than elsewhere in Canada, with the exception of age 62 to 65 for a municipal retiree in Ontario.
And very few jurisdictions in Canada pay a Long Service Award and none as high as 50% of final salary.
THe Council should ask for a report looking at Long Service Awards in Canada. I have looked at most jurisdictions but not all.
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