It’s not just the pension funds that are struggling.
Other public sector pension plans are also struggling.
In the past, the Canadian Pension Plan Investment Board (CPPIB) has been able to meet its obligations to maintain a level playing field for private sector investors, but the CPPIB is no longer able to maintain the same level of investment in the public sector, as its share of the economy has grown.
“It’s a problem that needs to be addressed,” said Stephen Poulsen, a professor at the Ryerson University School of Public Policy.
This month, the CFPB reported that the CUPE Local 1 bargaining unit was holding a contract offer that it was unable to accept. “
That’s the main problem.”
This month, the CFPB reported that the CUPE Local 1 bargaining unit was holding a contract offer that it was unable to accept.
The union is seeking a $15 an hour wage increase for its members, as well as better benefits and better working conditions for its staff.
The CUPES union is also calling for the creation of an independent arbitrator to review claims and make decisions.
The federal government has not commented on the CPUB’s proposal.
The CPP is also seeking a better pension plan for future retirees, and it is also considering a change to how Canada’s pension plans work.
The Canada Pension Plan and Benefit Program (CPBP), Canada’s largest employer-sponsored retirement program, has been plagued by poor financial performance since 2011.
The program is supposed to deliver benefits that will last for decades, but its benefits have not kept pace with inflation.
The CPBP has also struggled to meet the needs of its current and future retirees.
In 2019, for example, the CPBP paid out more than $11 billion to current and former workers.
In 2018, the total payout was $8.6 billion.
That meant the program’s pension liability was just over $13 billion at the end of the year.
Despite the CPB’s struggles, the government says it is committed to providing a retirement plan that will provide a safe and sustainable retirement for the Canadian public.
In a recent letter to the CPMIB, the prime minister promised that the Canada Pension Act will be amended to make the CMPB and CPPIA “partners” with the government.
“The prime minister will take every opportunity to encourage the CPLIB to negotiate with the CPGIB, as they are an important partner in providing the CSPI with a stable retirement plan,” the letter reads.
“This will ensure that Canadians have a safe retirement and that future generations can live their retirement in peace and security.”
The prime minster also promised to look at ways to make it easier for younger Canadians to access the Canada’s Pension Plan, but he said he would first have to get rid of the CPPIB and CPA.
In an interview with the CBC, Poulson said it was too soon to predict how long the government would wait before the government made changes to the retirement plan.
“If they’re going to be going forward with that, we have to wait until the CCPI has a much better relationship with the CPPLIB and the CPIB has a better relationship to the government,” he said.
“So it will be a very, very, long process to see if we can make this change happen.”