tag:blogger.com,1999:blog-46773661382091832872024-02-08T11:26:01.929-08:00Teachers' Pension BlogPension and Retirement News for Ontario TeachersT Pensionhttp://www.blogger.com/profile/01279603076724886414noreply@blogger.comBlogger13125tag:blogger.com,1999:blog-4677366138209183287.post-90436343437550156442008-06-03T07:25:00.000-07:002008-06-03T07:45:03.004-07:00Ontario Catholic Teachers LayoffToronto Catholic School Board trustees voted to cut 85 jobs. This decision was made in an effort to balance their budget. The <a href="http://parentcentral.ca/parent/article/435877">Toronto Star</a> reports the Toronto Elementary Catholic Teachers union has said it's not fair for the board to balance the budget on the backs of its members, and said the cuts are beyond what's necessary to address declining enrolment, which this year is about 900 students across the board.<br />Declining enrolment, and budget shortfalls, affects many districts. It will be interesting to watch how others try to handle these issues.<br />And it's not just the teachers who are getting cut. Board trustees decided to: implement a 10 per cent reduction to school budgets, lay off 32 support staff, such as caretakers and secretaries, cut contract child and youth workers, and they have also agreed not to hire secondary teachers to fill job openings. Naturally this is bad news to current staff, but it will also impact the hundreds of graduates seeking jobs. <br />It's worth noting that Alberta is on the verge of a teacher shortage with an estimated 17,000 teachers retiring in the next 12 years.T Pensionhttp://www.blogger.com/profile/01279603076724886414noreply@blogger.com0tag:blogger.com,1999:blog-4677366138209183287.post-71835894348218194642008-06-01T11:02:00.000-07:002008-06-01T11:05:31.703-07:00Same Company More of Your CashThis from The National Post:<br />The Ontario Teachers’ Pension Plan, which injected a <strong>lifesaving</strong> 35 million ($35.4 million) Canadian dollars into hybrid locomotive maker RailPower Technologies in January, has ponied up another 20 million Canadian dollars to help the company build a new factory in Quebec.<br />Teachers’ investment is in the form of a convertible debenture, the same way it put money into the company in January. If both debentures are eventually converted to common shares, Teachers would own about 75 per cent of RailPower, which is based in the Montreal suburb of Brossard.<br />Read about the initial investment <a href="http://teacherspension.blogspot.com/2007/11/investment-railpower-technologies-corp.html">here.</a><br />Current RailPower Technologies stock price: <a href="http://finance.google.com/finance?q=Railpower+Technologies+Corp.+" target="_blank">TSE:P</a>T Pensionhttp://www.blogger.com/profile/01279603076724886414noreply@blogger.com0tag:blogger.com,1999:blog-4677366138209183287.post-73662365834818733722008-06-01T10:26:00.000-07:002008-06-01T10:49:48.309-07:00Don't Count on PenisonWorkers "shouldn't be counting on their pension" said Brian Leitch, a lawyer representing US Airways. The statement was made after management asked a federal bankruptcy judge to authorize reductions in its pension.<br />This may be worth noting as the OTPP recently hired Rakesh Gangwal, former US Airways Group Inc. chief executive officer, as a "senior advisor." Gangwal worked for the company from 1996 to 2001. On August 11, 2002, US Airways Group, Inc. filed voluntary petitions for relief under Chapter 11 of the United States Bankruptcy Code. US Airways terminated its pensions.<br />The federal government's Pension Benefit Guaranty Corp. (PBGC) took over the pension plan from US Airways. The plan was about 40% funded. The federal agency covered a percentage of that amount.T Pensionhttp://www.blogger.com/profile/01279603076724886414noreply@blogger.com0tag:blogger.com,1999:blog-4677366138209183287.post-87312006507170350882008-05-21T18:40:00.000-07:002008-05-21T18:47:10.167-07:00London Life Pensioners Sue For Their Money<p><span style="font-family:arial;">Former London Life workers are launching a class action lawsuit against the company, going after $11 million they say they are owed in pension money. The suit is being filed by a group of workers who were fired in 1996. They argue that they did not receive a fair amount of the pension they paid into. "It's our money, not London Life's money. It is our pension plan," said Barb McGee, 62, a former worker living in London, Ontario. </span></p><p><span style="font-family:arial;">London Free Press has the <a href="http://lfpress.ca/newsstand/Business/2008/05/21/5624926-sun.html"target="_blank">full story</a>.</span></p><p> </p>T Pensionhttp://www.blogger.com/profile/01279603076724886414noreply@blogger.com0tag:blogger.com,1999:blog-4677366138209183287.post-23176207670042868442008-05-20T07:50:00.000-07:002008-05-20T08:08:08.849-07:00Ontario Teachers Pension & BCE<span style="font-family:arial;">The financial press is loaded with articles about the Teachers Pension and Canadian telecommunications company <span class="blsp-spelling-error" id="SPELLING_ERROR_0">BCE</span>. Teacher's is part of a group planning a big buyout of <span class="blsp-spelling-error" id="SPELLING_ERROR_1">BCE</span>. It's a huge deal. I can't imagine how much time and energy the folks who run the Ontario Teachers Pension Plan are spending on this. Why are the teachers so convinced owning <span class="blsp-spelling-error" id="SPELLING_ERROR_2">BCE</span> is good for retired, and soon to be retiring teachers?</span><br /><span style="font-family:arial;">Could the <span class="blsp-spelling-error" id="SPELLING_ERROR_3">BCE</span> deal collapse? Would all the time and energy have been better spent in less complicated deals that might have drawn similar returns?</span><br /><span style="font-family:arial;"></span><br /><span style="font-family:Arial;">Recently, in the US, a similar deal went through. Media conglomerate Clear Channel was bought-out by two private equity firms with financial backing from banks. The deal has some similarities to the buyout <span class="blsp-spelling-error" id="SPELLING_ERROR_4">OTPP</span> is a part of.</span><br /><span style="font-family:Arial;"></span><br /><span style="font-family:arial;">The Wall Street Journal's Deal Journal wrote about the pending <span class="blsp-spelling-error" id="SPELLING_ERROR_5">BCE</span> deal and its similarities to the Clear Channel deal:</span><br /><span style="font-family:arial;"></span><br /><span style="font-family:arial;">This deal, unlike the Clear Channel one, is still awaiting Canadian regulatory approvals and the outcome of the bondholder appeal to the Quebec Court of Appeal, which could go to the Supreme Court of Canada. These approvals are expected, however. If <span class="blsp-spelling-error" id="SPELLING_ERROR_6">BCE</span> is in peril, financing is not the only thing that could kill it. The banks stand to lose around $3 billion on this deal, which is about the same that the could have lost on the Clear Channel deal, which was half the size.<br /></span><span style="font-family:arial;"></span><br /><span style="font-family:arial;">It’s quite possible– and even probable — that <span class="blsp-spelling-error" id="SPELLING_ERROR_7">BCE</span> will play out just like Clear Channel, with a lot of huffing and puffing ending in a deal everyone can live with. But, as Jane Fonda always warned before any significant exertion, don’t forget to breathe.</span>T Pensionhttp://www.blogger.com/profile/01279603076724886414noreply@blogger.com0tag:blogger.com,1999:blog-4677366138209183287.post-18368639943989876732008-04-23T14:13:00.000-07:002008-04-23T18:05:07.711-07:00A Tale of Two StoriesThe Toronto Star and the Globe and Mail both published stories about the release of a new report outlining declining enrollment and school closings in Ontario. Coverage of the report was mixed with neither providing background about the organization that published the report <a href="http://www.peopleforeducation.com/" target="_blank">People for Education</a>, although the Toronto Star referred to it as a "lobby group." The Toronto Star's coverage didn't mention Dalton McGuinty as much as the Globe's story, which included these references to McGuinty:<br /><strong>-</strong> ...the self-described “Education Premier” said the number of schools across the province is no measure of Ontario's education system. For every school that has closed under the Liberals, Mr. McGuinty said a new one has been built.<br /><strong>-</strong> “Schools open and close in the natural order of things,” Mr. McGuinty said Wednesday before a cabinet meeting. “The issue is, how are we doing in terms of academic achievement?<br />School closures aren't all bad, he added.<br /><strong>-</strong> “If (school boards) can put more money into supports for kids and less money into supporting buildings which aren't really serving their intended purpose, that's probably a good thing.”<br /><a href="http://www.theglobeandmail.com/servlet/story/RTGAM.20080423.wenrolment0423/BNStory/National/home?cid=al_gam_mostview" target="_blank">Full Globe Story</a> (Toronto Star story in previous post)<br />The 11 page report is available <a href="http://www.peopleforeducation.com/report-decline-enrol08" target="_blank">here</a>.T Pensionhttp://www.blogger.com/profile/01279603076724886414noreply@blogger.com0tag:blogger.com,1999:blog-4677366138209183287.post-59121109304245561202008-04-23T13:56:00.000-07:002008-04-23T18:07:48.711-07:00Schools Closing, What About the Jobs?News today about declining enrollment and school closings but curiously nothing about the jobs that will vanish.
<br />From The Toronto Star: The lobby group People For Education reports that School boards across Ontario have are considering closing at least 50 schools and are reviewing the viability of nearly 300 others.
<br />Among the report's findings:
<br /><strong>-</strong> Ontario schools have lost 90,000 students over the last six years.
<br /><strong>-</strong> In four of Ontario's northern boards, enrolment has declined by more than 20 per cent since 2002, one by 36 per cent.
<br /><strong>-</strong> Only nine English-language boards have had enrolment increases, all in the 905 region.
<br /><a href="http://parentcentral.ca/parent/article/417511"target="_blank">Full Toronto Star Story
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<br /><a href="http://parentcentral.ca/parent/article/417511" target="_blank"></a>
<br />T Pensionhttp://www.blogger.com/profile/01279603076724886414noreply@blogger.com0tag:blogger.com,1999:blog-4677366138209183287.post-13095046241843889962008-02-16T16:39:00.000-08:002008-02-16T16:47:51.519-08:00Teachers Pension Bailout in Alberta<span style="font-family:arial;">The pension plan in Alberta was 2.1 billion short of meeting its obligations. According to one article, this "resulted from decades of the government and teachers' union not setting aside enough reserve funds to pay for pensions."</span><br /><span style="font-family:arial;">The provincial government offered to help, if, teachers would sign a 5 year contract. The Canadian Taxpayers Federation calculated the deal will cost each Albertan $600.</span><br /><span style="font-family:arial;"><a href="http://www.cbc.ca/canada/edmonton/story/2007/11/15/teachers-pension.html" target="_blank">Full article</a></span>T Pensionhttp://www.blogger.com/profile/01279603076724886414noreply@blogger.com1tag:blogger.com,1999:blog-4677366138209183287.post-24785361608503595332007-11-26T07:38:00.000-08:002007-11-26T07:52:05.860-08:00Compare Lamoreux's Retirement Party to Yours<span style="font-family:arial;">Setting: <strong>Four Seasons Hotel</strong><br />Special Tribute from: Don Cherry (on video)<br />Loot Bag Gift: A miniature bobble-headed sculpture of Lamoureux in a Leaf jersey, standing atop the words "the first star, la première étoile."</span><br /><span style="font-family:arial;"><strong>Final Annual Salary: 6 Million<br /></strong>Value of pension assets in 2006: 6 Billion </span><br /><span style="font-family:arial;">Read all about it </span><a href="http://www.thestar.com/columnists/article/279411" target="_blank"><span style="font-family:arial;">Here</span></a><span style="font-family:arial;">. </span><br /><span style="font-family:arial;">Post a comment with details about your party!<br /></span>T Pensionhttp://www.blogger.com/profile/01279603076724886414noreply@blogger.com0tag:blogger.com,1999:blog-4677366138209183287.post-40127195559759725242007-11-17T14:31:00.000-08:002007-11-17T14:37:37.643-08:00Video: Teachers' Pension owns ritalin, malls & moreRick Mercer has some fun with the Ontario Teachers' pension in <a href="http://switchboard.real.com/player/email.html?PV=6.0.12&&title=CBC%20News&link=http%3A%2F%2Fwww.cbc.ca%2FMRL%2Fclips%2Fmercerreport%2Fpensionplan.rm"target="_blank">this clip</a> from CBC TV's Sunday Report.T Pensionhttp://www.blogger.com/profile/01279603076724886414noreply@blogger.com0tag:blogger.com,1999:blog-4677366138209183287.post-5001558251791716352007-11-10T14:16:00.000-08:002007-11-10T14:22:14.443-08:00Investment: Railpower Technologies Corp<span style="font-family:arial;">One of the biggest and most powerful investors in the country threw a lifeline to one of the worst-performing stocks yesterday. OntarioTeachers' PensionPlan says it will invest $35-million dollars in Railpower Technologies Corp. Railpower makes locomotive engines that produce significantly lower emissions than traditional trains, but the company has been on the ropes for months. Thanks to operational problems and a high cash burn rate, the stock has dumped about 85% this year and more than 96% from its high. "We chose to invest in Railpower because of its market potential." Brian Gibson, senior vice-president, public equities at Teachers', said in a statement. Railpower will sell Teachers' A-class convertible debentures, which are debt that can be converted into stock. The debentures yield 5% annually and can be converted at 30¢ a share, well above the stock's depressed price of 23¢ as of yesterday's close. </span><br /><span style="font-family:Arial;">Current Price: <a href="http://finance.google.com/finance?q=Railpower+Technologies+Corp.+"target="_blank">TSE:P</a></span>T Pensionhttp://www.blogger.com/profile/01279603076724886414noreply@blogger.com0tag:blogger.com,1999:blog-4677366138209183287.post-21512155947638206092007-11-09T20:15:00.000-08:002007-11-09T20:18:36.920-08:00UWO Pension Restricts Redemptions<span style="font-family:arial;">The turmoil in asset-backed commercial paper knocked Bay Street on its ear in August and now, three months later, it has re-emerged on Main Street as pensioners and individual investors start to feel the pain.<br />Because of holdings of illiquid ABCP, the pension fund for employees of the University of Western Ontario has restricted redemptions on some of its funds while the pension fund for 35,000 current and former employees of co-ops and credit unions may be forced to take similar steps.<br />"We informed our members as soon as we could," said Louise Koza, a director of Western's human resources department, adding that so far people have been "understanding."</span><br /><span style="font-family:arial;">The London, Ont.-based institution administers a $1.2-billion pension plan for 6,300 faculty and staff. As a defined contribution plan, members have a choice of funds to invest in. Five have exposure to illiquid ABCP and, as a result, the plan administrator has opted to hold back funds -- ranging from 0.84% to 16.87% -- in effect, limiting the amount of cash that members can withdraw.<br />"The market has made it difficult for one of our fund managers to sell its ABCP holdings," Western said in a recent note to pensioners. "As a result, temporary restrictions on the redemption of some of these assets are being put in place."<br />A majority of the university's retirees are invested in at least one affected fund, according to Ms. Koza. Under the restrictions, members who withdraw cash will be given units in a new fund created to hold the illiquid ABCP and whose value will depend on the success of a proposal to restructure the market.</span><br /><a href="http://www.canada.com/nationalpost/financialpost/story.html?id=a1401f97-5191-40ce-b618-1a509bac238d"><span style="font-family:arial;">From The Financial Post</span></a>T Pensionhttp://www.blogger.com/profile/01279603076724886414noreply@blogger.com0tag:blogger.com,1999:blog-4677366138209183287.post-53400372567120840162007-10-08T19:47:00.000-07:002007-10-08T19:56:34.080-07:00New Blog<span style="font-family:arial;">This blog is dedicated to creating a community around The Ontario Teacher's Pension Plan. If you, or someone you know has a story about the pension plan, please email it to teacherspension@gmail.com, we are discreet and your privacy will be respected. With over $106 in net assets the <span class="blsp-spelling-error" id="SPELLING_ERROR_0">OTPP</span> is the largest single-profession pension plan in Canada.</span><br /><span style="font-family:arial;">If you work in the profession, or are currently retired, the <span class="blsp-spelling-error" id="SPELLING_ERROR_1">OTPP</span> is managing your financial future. We'll start publishing in a few weeks. In the meantime please visit again.</span>T Pensionhttp://www.blogger.com/profile/01279603076724886414noreply@blogger.com0