Oh please, the economy here is rocking. There is no way these companies won't increase their contributions! And besides, a 50% haircut is nothing for all these baby boomers with 80% of their wealth in real estate (only goes up!) and on average, less than $30K in RRSPs (what, me worry?).
Friday, August 6, 2010
Canadian Pension Issues
Subscribe to:
Post Comments (Atom)
Here's a little social mood anecdote for you on this topic. There's a guy in my home town who just went to prison for terrorizing school board members with the temerity to disagree with the ruling junta. The guy was ostensibly a maintenance worker for the school district, and there was evidence that he logged a lot of fraudulent overtime. Nonetheless, he now sits in jail, but due to his massive overtime during the final year or two of his 'career', he is collecting a pension that's larger than his base pay ever was. In fact, it's larger than a recently retired senior engineer from GE is getting, and that ain't hay.
ReplyDeletePeople are not happy about this. Yet the practice of padding the overtime in the final years of public 'service' is not illegal, and a fair number of folks have always been known to do it. It's just that the municipalities, states, counties and everyone else wasn't basically bankrupt before. And people weren't quite as pissed off or scared as they're starting to get.
Good times coming! Wahoo.
Wow, what a story John. Sickening to say the least. I suppose if the system can be gamed, it will!
ReplyDeleteDespite all of the claims that the "system is fine" - I have lived with the assumption that the pension system will not be there for me or my family when the time comes!
Hope all is well with you, been on the road a lot, hopefully will be able to come for a visit in the fall.