With the average Canadian saving just $55,000 in RRSPs, Common Council has an interest in keeping the city's pension plan sustainable....That, from the chair of the Task Force on Protecting Pensions Susan Rowland.
She laid out the benefits of a shared risk model while explaining to Councillor David Merrithew the precarious position of the city's pension plan means solving the deficit won't be easy. Rowland describes the city's pension plan as being one of the worst funded in the province.
Councillor Bill Farren says he doesn't know if they'll achieve the results either, but perhaps a shared risk model will take the pressure of younger workers and give more stability to older ones.