Did you know your Hydro Bill is financing pension plans for Hydro One and Ontario Power Generation employees?

Posted: July 9, 2013 in Uncategorized

When you open your Hydro Bill and see “Delivery Charge” and “Debt Retirement” as part of your bill and you wonder why it not only doesn’t decrease but actually adds up to more than the actual “amount of electricity you use”?

Did you know that your on the hook for pension plan deficits that are being caused by casino-style investments in pension funds by what I would call a CORRUPT Government and their CORRUPT agencies that are playing monopoly with our energy dollars!

Anyone who even attempts to try and make sense of their Hydro Bill in layman’s language will succumb to a mind-numbing headache and eventually give up.

The following report will tell you why!

Ontario’s Power Trip: Retirement deficit coming to your hydro bill

Parker Gallant | 13/07/09

Ontario Power Generation tops the worst funded pension fund list and Hydro One isn’t far behind. Guess who is going to pay for them

As noted in a recent Barry Critchley article in the Financial Post, DBRS, the Canadian bond rating agency recently released a list of the top 20 “Worst and Best” funded Canadian Pension Plans and Ontario Power Generation (OPG) topped the worst list with a deficit of $3.3-billion) Pension fund deficits have fallen into ‘danger zone’ for first time in decade, DBRS warns – July 4). Coming in at 8th spot was Hydro One Inc. with a deficit of $1.5-billion.

In total the two had a funding deficit of $4.8-billion and with a combined full time work force at the end of 2012 of 16,651 employees that equates to a liability of $288,000 for each employee. Over 35 years each employee would be obligated to contribute an additional $8,200 annually in order to ensure those retirement benefits are retained at their current levels if they were private sector companies—but they are not.

READ MORE HERE:

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Comments
  1. Anonymous says:

    Another aspect that is driving the significant pension shortfalls are the benefits paid to OPG and Hydro One employees.

    For OPG, employee contribution rates are 7% and the retirement factor is 82:

    http://www.thesociety.ca/secondmenu/agreements/opg/opg_ca/opg_part10.html

    For Hydro One, employee contribution rates are 4%/6% and the retirement factor is 85:

    http://www.thesociety.ca/secondmenu/agreements/hydro_one/hydro_one_collective_agreement_20072013/part_vii__pension_and_insurance.html

    Contrast those contribution rates and retirement factors of other government related pension plans in table 19.1:

    http://www.fin.gov.on.ca/en/reformcommission/chapters/ch19.html

    As a result of the lower employeer contribution rates, the employer (but really the “ratepayer”), gets to pay an even higher contribution into the pension plan!

  2. It’s like we’re caught in some Twilight Zone nightmare that just keeps going and going and going. When is this EVER going to end?

    • This whole Government FRAUD will end when the citizens of Ontario realize they do have the power to end this corruption when they take back control of their own Municipal Councils!
      Municipalities across Ontario have been basically hijacked by the Provincial Government and it’s agencies such as the AMO and all their “affiliates”.
      Once people REALIZE that, then real change can begin!

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