Skip to comments.100 Montreal firefighters retire overnight to avoid new pension penalty
Posted on 06/15/2014 2:31:00 PM PDT by rickmichaels
MONTREAL Nearly 100 Montreal firefighters retired en masse Thursday evening to avoid being penalized by new pension provisions.
The veteran firefighters made the decision following a recommendation from their union.
All of the retirees are at least 50 years old, with 25 years of service.
This wave of resignations could have a significant impact on Canada's second-largest fire department.
The new pension law, passed Thursday in the legislature, is aimed at reeling in municipal pension throughout Quebec.
The pension deficit for Montreal employees alone stands at $1.6 billion.
The new law gives Quebec unions and municipalities 18 months to negotiate new deals that force workers to pay a larger share of the total pension deficit, which stands at $3.9 billion.
Quebec would also be allowed to suspend indexation of the pensions.
The law has been very poorly received by the unions, with one labour official calling it a "declaration of war."
declaration of war on taxpayers
So taxpayers will have 40 years of pensions to pay for 25 years of work...
Government pensions again...
Slowly choking off working middle America and those in other countries....
The government sector here will eventually eat each other alive as government continues to lose it’s flood of revenue.
Some govenrment departments will be dumped and others are left enjoying their tax paid lottery style pensions and benefits. They’ll take it out of tax payers and those left enjoying the tax payers money.
All while middle America has been broken, robbed and looted to pay for all the kings men opulent government tax paid pensions.
You do realize that money was paid into a pension fund which was supposed to invest it, make and continue to make gains that then fund the payment of the actual pension check. I fully understand the taxpayers are the backup when the pension is underfunded for whatever reason. It’s not like these retirements mean the taxpayers immediately start writing checks with this group. The pension will write checks from the funds it controls.
I’d also bet the actuarial table on a 50-year-old retired firefighter would not feature stories of unicorns, rainbows, and a 40-year life expectancy for any significant fraction of the group.
Are most tax payer protected unionized government employee pension funds not now underfunded?
Who will they come after to ensure they get their lottery style tax payer insured pensions?
Do you think those in government cared about their investments going belly up? If so, why did the corrupt make damn sure the tax payers were left holding the bag when they went south?
There are a number of small and large U.S. Cities which should have done this years ago.
Sometimes, that is the case. Here in California, they pegged investment growth at better than 7 percent a year when they granted formula changes. Unfortunately, there are no investments making that, and taxpayers were on the hook in the first couple years to make up the shortage.
“There are a number of small and large U.S. Cities which should have done this years ago.”
When NYC lost 343 firemen on 9/11, the mayor said there was no plan to replace them. They were overstaffed enough that 343 workers didn’t need to be replaced...