Sunday, April 23, 2006

Pension Plunder

So if public pension funds like the Ontario Teachers Pension Fund has made money why is it forcing its workers on strike, and demanding its members pay rate hikes and face benefit cuts? Is the word greed?

"The average Canadian pension plan has realized a robust 15.8 per cent annualized return over three years" with a return of 14.9 per cent over the past year, McDougall said.

Ontario Teachers' Pension Plan has called for benefit cuts and a hike in member contributions. Pension funds continue to do well in first quarter

Could it because it has to pay this guys salary? Because Teachers has been making a profit, if it didn't then instead of giving him a $1 million dollar bonus, they should have shown him the door. But some peoples greed knows no bounds.

Teachers last month reported investment income of C$14.1 billion ($12.4 billion) for 2005. Its net assets were C$96.1 billion, making it a mammoth on the Canadian investing landscape.

On Friday, union negotiator Brock Suddaby took aim at compensation paid to Claude Lamoureux, the plan's chief executive.

According to Teachers' annual report, Lamoureux made C$5.54 million in total compensation for 2005, including salary, bonus, and payments under a long-term incentive plan, as well as other compensation. This was an increase of almost C$1 million from 2004.

"The CEO ... made more money last year than our members will make in their entire lifetimes," Suddaby said in a statement. "He made as much money in 2005 as 100 of our members. Yet he has the gall to demand a longer work week from our members. He has the gall to demand that a portion of staff pay be allotted to individuals hand-picked by management." Strike set at Ontario Teachers Pension Plan

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