The Third Rail
Saving Canada's Pension SystemBook - 2013
In the early 1980s, consumers were setting aside 20% of their disposable incomes to their retirement plans; today the savings rate is a threadbare 2.5%. Retirement savings plans meant to build Canadians' personal war chests for their final years have failed to live up to their cheery promises of early retirement "freedom" - market returns are low, and financial fees are climbing. Moreover, retirement plans are now being compromised by high pension obligations and a shrinking workforce.
Canada has the capacity to diffuse this ticking pension time bomb with some hard choices, posits Leech. It's time for businesses, governments, unions, and employees to face these options and fix - and ultimately save - our pensions system, taking examples from Holland, New Brunswick, and Rhode Island - places in which new laws have been adopted to repair the pensions programs.
Toronto : Signal, 2013
From Library Staff
NFreaderNWPL Aug 11, 2017
A pension fund manager and journalist collaborate to produce this brisk analysis of the state of income security in retirement. Using New Brunswick, Rhode Island, and Holland as case studies, they make the case for sustaining defined benefit pensions into the future without shying away from chall... Read More »
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Vincent Cianci, the Prince of Providence, was so indifferent to pension costs that he approved new cost-of-living allowance (COLA) benefits that hiked retirees' pensions by as much as 6 per cent annually.
The stunning raise was a windfall for some pensioners. By 2011, former Providence fire chief Gilbert McLaughlin was pocketing an annual pension of U.S. $197,000, three times his annual salary of $63,000 when he retired in 1991. If McLaughlin lives to one hundred, his pension will be $700,000.
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