The quiet elephant hiding in the Sunshine List

A 30-year employee who retires at 55 with an unreduced pension — and who joined the $100,000 club at 50 — is guaranteed at least $60,000 per year (indexed, and not including any medical and dental benefits).

If that person lives to 75, that’s more than $1.2 million in pension.

“How’s this going to be funded?” Mark asks.

While it’s true the pensions are paid out from separate funds, the fact is those funds aren’t subject to the same vagaries of the market as private pensions.

So the burden of those massive pensions shifts to the taxpayer.

  • useless opinion

    There are a bunch of public sector pensions, hoop, omers, optrust, teachers, et al. hoop is currently at 120% of funding needs, omers not as well, teachers-who cares. One thing to note is that if there are funding difficulties or it is time to wind the funds up, which could happen if a government of the day went bankrupt, then the pensioners would only be entitled to their residual amounts. Now if the people of Ontario keep on electing liberals or socialists who lean on unions and their dues to keep the party bank accounts afloat, you suckers in the private sector will keep these folks in chateau neuf du pape wine and 18 year old scotch with beef tendy for dinner until you are broke. And if you only truly knew what things union dues funded, you would be truly shocked. Ontario needs to get rid of Rand now and keep it gone. Only then would the taxpayer keep any of their money.

    • Ontario is a kleptocracy. There is no hope.

      • Term limits and NO unfunded liabilities should be the rule for all politics.

        Anything else encourages career politicians who promise a free lunch.

        And that is the problem.

  • Clink9
  • BillyHW

    How do public sector workers sleep at night?

    • useless opinion

      For a small sector of them, moderate, not high salaries have been the usual. Most don’t have maximum time in service, so for those folks the dream of a 60 thousand dollar a year pension is never never land. Many if they ever last 35 years will get a 70% pension on a 55 thousand a year salary, so maybe 38 thousand a year. However studies show that the only folks who live more than 20 years after leaving at age 65 are school teachers who have no job stress. For every police officer who retires at 65, they only collect on average 24 pension cheques. Paramedics only have a 4% retirement rate, fire fighters do the best, top pensions, top rates of pay, sleep half their shifts away, and have cash only businesses that compete with regular construction guys who do claim all of their income. Get rid of Rand, and then regular union members will not pay their dues unless their union stops the political crap they are involved in.

      • Clink9

        “school teachers who have no job stress” Heh.

  • DD_Austin

    Just one change

    Open fire arms

  • Jim Horne

    In the book, The Great Divide, Why Liberals and Conservatives Will Never, Ever Agree, author William D. Gairdner talks about tripartite states.

    These are jurisdictions where roughly:
    ⅓ of people are employed either directly or indirectly by government
    ⅓ of the people receive social benefits from the government
    ⅓ of the people provide the economic wherewithal of the economy

    Problems occurs when elections are called.

    Those dependent on the government for their income (⅓ of the people) and those dependent on the government for social benefits (⅓ of the people) vote for the party that promises to increase their income and/or their social benefits.