I will support and advocate for all Ontario workers to have both decent and secure pension plans. I support that workers' have defined benefit pension plans, proper pension funding and stronger pension regulations.
Specifically:
Specifically:
- I support the importance of having a decent and secure retirement for all Ontarians, including those who currently do not have a pension.
- I support the promotion and protection of defined benefit pension plans as opposed to other pension schemes such as target benefit plans and defined contribution pension plans.
- I support changes to the solvency funding framework to ensure that all pension plans are 100% funded prior to a company entering court protection or declaring bankruptcy.
- I support that the Pension Benefits Guarantee Fund be increased from $1,500 to $3,000 per month
- I support that workers' wages, severance payments, health benefits and pension funds take priority over all other creditors in the case of employers entering court protection or declaring bankruptcy.
- I support that pensions are funded by deferred wages and that diverting, withholding, or seizing pension funds is theft and is illegal.
- I support that there must be strengthened regulatory powers incorporated in the Financial Services Regulatory Authority of Ontario such as: powers to block or place conditions on company takeovers, bankruptcy and insolvency processes that are deemed to put workers' pensions at risk; powers to issue punitive fines on company directors' in cases of clear wrongdoing; and powers to claw-back directors' and executives' bonuses after a company pension plan[s] collapse.
- I support that the pension concerns of injured workers', part-time, temporary and precarious workers who have little or no access to a workplace pension plan.
- I hereby pledge my support for Labour's Pension and Retirement Benefits Demands.
