Alberta Pension Plan Talking Points from Danielle Smith

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Alberta Pension Plan Talking Points from Danielle Smith:

SMITH: Alberta’s share of the Canadian Pension Plan funds in 2027 will be 53% of the CPP assets ($334 billion). REALITY: It’s absurd to think Alberta can take 53% of the assets managed by the CPP. Experts have ridiculued this number, and questioned the legal, practical, and moral ability of Alberta to secure these assets. If their formula was applied to every province, the total taken out of the CPP would be well above 100% of all the money.

SMITH: Alberta will be able to draw $334 billion from the Canada Pension Plan to form the base fund of a new Alberta Pension Plan. REALITY: The other provinces will never agree to pull 53% of the funds from the CPP. The federal government and the other provinces simply won’t let this happen. Economists have estimated the maximum amount an Alberta Pension Plan could ask for would be somewhere between 10% and 20%.

SMITH: The benefits of an Alberta Pension Plan will be higher, and contributions will be lower. REALITY: The rates are based on the 53% withdrawal. Since that is an impossible scenario, lower contributions and higher pension benefits will never happen. Even with this unrealistic assumption, the government’s report still shows the cost of an Alberta Pension Plan coming into line with the Canada Pension Plan over time.

SMITH: Under an Alberta Pension Plan, I can get a $5,000-$10,000 retirement bonus. REALITY: This sounds good, but like the lower rates and higher benefits promise, this type of benefit is based on flawed calculations that will never become reality.

SMITH: We will be able to take an Alberta Pension Plan with us wherever we live in Canada. REALITY: Portability of an Alberta Plan is in no way guaranteed. The CPP would need to accept a portability agreement with a potential Alberta Pension Plan. The rest of the country will not be in a mood to negotiate with Alberta if we break up a successful pension plan. If portability is not achieved, workers who move to or from a different province during their working years risk a smaller pension in retirement.

SMITH: The Alberta Pension Plan would be more stable than the Canadian Pension Plan. REALITY: Experts estimate the CPP is sustainable in its current form for at least the next 75 years. Risk pooled with larger groups creates stability. Bigger pension plans are safer than smaller ones. The claim that an Alberta plan would be more stable is based on the ability to withdraw 53% of the money from the CPP. As discussed above, this number has been ridiculed by experts, along with the ability of Alberta to access these assets.

SMITH: The Alberta Pension Plan will have better investment returns and will be able to invest in Alberta. Large pension funds invest all over Canada and all over the world, seeking out the best opportunities to make money. The Canada Pension Plan invests in many Alberta companies and assets. In fact, investments managed by the Alberta government have had much lower long term returns that the Canada Pension Plan.

CONCLUSION: The CPP is one of the most successful pension plans in the world. Danielle Smith’s plan is based on shaky assumptions and very faulty math.

CUPE 709 2023 Children’s Christmas Gift Pick-Up

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Join us for our annual Children’s Christmas Gift Pick-Up on

Saturday, December 9th, 2023 — 8AM to Noon !!!

Eligible ages are from Newborns to 12 year olds

Please call or email  Frank at the Union Hall to register your child by Tuesday, November, 17th

Please pick up your child’s gift at the back door of the Union Hall according to schedule below based on your last name’s initial:

8:00 AM to 9:00 AM —  A to F

9:00 AM to 10:00 AM — G to L

10:00 AM to 11:00 AM — M to R

11:00 AM to NOON — S to Z

 

CUPE 709 7th Annual Golf Cup

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This year’s annual CUPE 709 Golf Cup was held at Maple Ridge Golf Course.

 

We had a tie for first place with a score of minus 10:

Dan Payne, Aaron Bolan, Scott Blakley, Justin Charles

Dixon Ong, Reid Schmaltz, Robin Innes, Andy Glienke

 

 

Longest Drive: Dixon Ong

Longest Putt:  Andy Glienke

Closest to the Pin:  Jason Howse

Modification of LOU#10

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C. Mobility Maintenance Relief:
I. District Foreman (03950 – F6)/District 1 Foreman (03948 – F6)

Relief shall be assigned to the top ranked employee, from the applicable relief list, within their assigned Depot/Site.

If no relief Foreman is available within the same Depot, the assignment shall be filled by the top ranked relief Foreman, in the other Depot within the same District, where applicable.

If no relief Foreman is available within the District, the assignment shall be filled by the top ranked relief Foreman across Maintenance.

When a Foreman relief is thirty-five (35) calendar days and over within Maintenance, relief shall be filled with the highest ranked eligible employee.