In this weekend’s Telegram, the NLEC debunked myths and state realities concerning public sector pensions in our province in a letter to the editor.
Union leaders have taken exception to provincial business associations like the Newfoundland and Labrador Employers’ Council sharing in the discussion about the financial predicament of our public sector pension plans (PSPPs). These leaders have suggested that business associations are self-serving, distorting the facts and have no standing in the debate.
This demonstrates how emotionally charged the issue is for everyone involved. Unfortunately, these types of arguments distract from the real issue.
The real issue is that without reform, the first of the public sector pension funds could run out of money in as little as seven years (according to the auditor general). Action is required now to protect the public sector pension plans for current and future public sector retirees.
Taxpayers, including business owners and their employees, have a right to know the realities of our PSPPs, and to have their concerns respected.
Alexander goes on to debunk many of the myths perpetrated regarding public sector pensions, including the argument that public sector pension plans are not generally funded by taxpayers, and that public sector pension funds are in trouble because past governments mismanaged them.
View the full article on the Telegram website.