Commision Study

Hi All;

Below is a article many of you may have seen in the paper.

I just wanted to let you all know information I have received about the Commision Concerning the Study.

Pension law to be revamped

Finance Minister Greg Sorbara says Ontario's pension law is out of date and needs a facelift. He says the province is looking at revamping its pension law and has asked the Ontario Expert Commission on Pensions to hold hearings over the next few months. Sorbara says Ontario's pension law was a leader when it was enacted in 1986 but has lost pace with other regions. The commission will take written and oral submissions from pensioners, employees, plan administrators and other interested people. Hearings are set for Kingston, Ottawa, Sudbury, Toronto, Windsor and Hamilton. The study is the first review of pension law in 20 years.

Information I have received.

The last time we contacted the Ontario Expert Commission on Pensions, they told us that unlocking of pensions was not included in the study.

Bill Gleberzon of CARP is submitting a large brief to try and change their minds and have them include unlocking pensions.

Many Members of The Coalition of independent holders have sent in e-mail submissions.

I encourage all people to still write their Premier and MPP's to unlock locked-in pensions.

We have not given up on this issue.

Regards Bill C

The Dalton Love In Hour

DALTON MCGUINTY'S TIME ON AIR YESTERDAY

I know it is too late to change peoples minds about the people we are voting for , To Me it just shows how much disrespect the Liberal Government has for the people of this Province.

Below are a couple of letters sent out in disgust of what happened at a radio show that was to take call's to ask questions of the Premier.

Good morning Eileen,

Yesterday afternoon, Michael Coren admitted on air that Mr. McGuinty had not, as had earlier been promised to CFRB listeners, opened the phone lines to the Ontario electorate.

Not only did we witness another brazen example of this man's contempt for Ontarians, but CFRB went on to support such deceit by announcing that there would be a repeat broadcast later in the evening.

Your unwillingness to expose this man for what he is ... one who refuses to have open and honest dialogue with Ontarians ... a glaring example being his recent brush-off of the Ottawa cancer patient ... has left me wondering if there is even one member of the media (CFRB included) who values truth and moral decency any longer.

Taylor Parnaby, during his news broadcast on Friday, October 05, 2007, was musing over the proliferation of "spin" . half-truths, quarter-truths and outright lies ... that is handed to Ontarians daily and how difficult it is, even for him, to get honest answers to direct questions. He went on to say that one person from one of the political parties who has been regularly sending him "spin", will no longer be welcome in his office, once the election is over.

Why didn't CFRB immediately take Mr. McGuinty off the air when it realized there would be no open phone lines for listeners? After all, listeners were being encouraged by CFRB, right up to the last minute before the programme aired, to call in if they wanted to speak directly to the Premier.

Just disgusted ... this blatant manipulation of Ontarians by our politicians has to stop ... otherwise our vote is nothing more than an exercise in futility.

Kenneth Elliott

To: eileen@cfrb.com
Subject: The dalton love in hour
What a disgusting piece of tripe I heard on CFRB yesterday. I could not believe what went on. Back slapping Buddies IE: Sorbara, Bradley, and the hand picking of the easy questions, ( and very few for that matter ), did it for for me. A real leader would not be afraid of the real questions, nor the real answers, but he just dodged every political issue that was important to your listeners. I speed dialed your show for the whole hour.This will have an effect on how much I listen to CFRB in the future. What a disgusting display of partisanship, back slapping hip hip Gee what a great guy I am Dalton Show. I could not believe a station like yours would allow such deceit , and the side stepping of the real important issues and questions in this election, that your listeners would have liked to put forth. A fed up listener. Philip James

CARP’s campaign to unlock locked-in funds in Ontario

Article By: Bill Gleberzon, CARP co-director of Government Relations

CARP campaigns to unlock locked-in funds 100 per cent for 450,000 Ontarians.

The primary objective of CARP’s campaign in conjunction with the Ontario Coalition of Independent Locked-In Fund Holders is to prompt the government elected on October 10th to unlock LIFs by 100% in Ontario as Saskatchewan did in 2002.

Our proposal is to allow LIF holders to unlock 50% at age 55 and the balance (or total) at 65.

Locked-In Funds are the best kept pension secret in Canada - and the most misunderstood.

Therefore, the second purpose in our campaign is to make the estimated over 450,000 Ontario LIF-holders, the general public and the media aware of what a LIF is, how it works and the obstacles that currently await Ontario LIF-holders when they want to access their pension money.

To achieve this objective a media conference was held at CARP’s National Office on September 26, 2007. CARP’s position was supported at the media conference by: - Canada’s preeminent tax expert Professor Jack Mintz, Joseph L. Rotman School of Management, University of Toronto (“… I don’t see why [unlocking LIFs] should be any less than 100 percent …from a public policy perspective.”)

- Actuary Malcolm Hamilton, World Wide Partner Mercer (“… we can conclude with great confidence that these [locked-in] rules aren’t doing anything constructive any more.”)

- With a message from financial author and publisher Gordon Pape (“I wish to strongly support CARP’s initiative to encourage the Government of Ontario to implement 100% unlocking of the assets held in LIRAs, LIFs and other types of locked-in plans.”)

- Ontario Coalition of Independent Locked-In Fund Holders members Philip James and Bill Nafziger provided personal testimony on the adverse impact of not giving LIF-holder access to their own money

- Bill Gleberzon, CARP’s Director of Government Relations, presented CARP’s case. Their speeches and supporting documentation, including a letter of endorsement from Ontario Society (Coalition) of Senior Citizens’ Organizations and CARP’s unofficial list of 61 MPPs who accessed their Locked-In Funds 100%, are available on the LIF web page at www.carp.ca.

A precedent for unlocking LIFs 100% was set in Ontario in 1999 when 61 Ontario MPPs were enabled by legislation to unlock their Legislative pension by 100%.

Some of these 61 MPP's are running in the current campaign, including Mr. McGuinty, Mr. Sorbara, Mr. James Bradley, Mr. Hampton and Mr. Runciman -- the later two have admitted publicly that they were among the recipients of this privilege.

CARP does not begrudge these 61 MPP's the right to unlock their LIFs 100 per cent.

But the Association does greatly begrudge them denying that right to all other Ontarians.

As a non-partisan association, CARP focuses on issues, not parties or personalities. However, at this point in the current election campaign:

- the Conservatives have promised to unlock them 100%

- the NDP introduced a Private Members Bill in December, 2006 to unlock them 100% -- although the Party has not yet followed up by including that proposal in their platform

- the Liberal’s new policy to unlock LIFs by 25 per cent will take effect in January 2008. CARP’s recommends that:

- if the Conservatives win the election, they must live up to their commitment to unlock LIFs by 100 per cent soon after forming the government.

- if the NDP are elected, we trust that they will implement the Private Members’ Bill introduced last December within a short period of coming to power.

- and, if the Liberals are re-elected, we urge them to do the democratic thing and unlock LIFs by 100 per cent. Or, at the very least, they should hold extensive public consultations across the province on their new policy of unlocking LIFs by 25 per cent to determine if that is what Ontarians want done—rather than establishing their new policy by paternalistic fiat.

To sign a petition on unlocking Ontario LIFs 100 percent, go

to:www.petitiononline.com/WRC101/petition.html

Why will the Liberals Not unlock Our pensions

Hi All This is a note to a question I was asked. ( Why wont the Liberals unlock our personal pensions? )

My Reply

It Just doesn't make sense and I cant understand their thoughts because of these things.

A person that has a LIRF can invest their money and lose it all . ( they have no problem with that )

They allow the pension to be unlocked fully and transferred in to a RRIF If the pension holder dies and it goes to the spouse. ( I have no problem unlocking for the spouse)

The Part I cant understand is if they can do that for one. Why cant they do it for two ? ( to me this doesn't make seance as the Plan Holder more the likely has more knowledge of the workings of the funds.

People like Jack & Malcolm & Gordon & CARP & Senior organizations endorse unlocking these pensions 100%.

Financle institutions say it would be better for them. ( Less paper work )

It would be better for the economy of Ontario.

Saskatchewan did it 5 years ago and Other provinces are following.

The people have been Asking for this to be done.

Greg Sorbara The Ontario Finance Minister Said "it is not to protect the people".

Greg Sorbara said "it was to protect the contract with the Employer "

( This Contract is no longer a contract when the plan is moved to a LIRF or RRSP ( The employer is no longer involved )

Is it that McGuinty and Company want to have power over the people of this province.

If there really a logical reason that they want to keep these pensions locked in. I cant under stand it.

It would be sure nice if we could sit down face to face with the Liberals and let them logically explain why they refuse to unlock these pensions.

Regard Bill C

This Part of The fight is just about over

Hi All; This part of the fight is just about over, the story will be told on Wednesday.

If the Liberals get in We will have a hard fight to try and have these pensions unlocked 100%

Anybody that wants these pensions unlocked had best get out and Vote for either the PC or NDP party because if not. Who Knows!!

Here is a letter I sent out to some papers in NW Ontario recently and some of my thoughts below itRegards Bill Costello

Unlock pensions

Bill CostelloWednesday, October 3, 2007

Dear editor:

An open letter to local Liberal candidate Mike Wood.

Why is it, when asked the question to all members if they would unlock locked-in pensions at the all-candidates’ debate on Kenora TV, that you immediately attacked Howard Hampton and his wife for having their pensions unlocked 100 percent when they retire at the age of 55 or their earlier retirement date.

Why didn’t you also state that 20 of your own party members also had their pensions unlocked—and many of them for a lot more money than Howard and his wife will receive when they retire.

We don’t begrudge the MPP's for having their pensions unlocked. This is the sensible thing to do.

We do, however, begrudge the fact that even though the Liberal leader spoke out in the legislature against it being done for the 61 special MPP's (including himself), that it was not fair because it was not done for the rest of the citizens in Ontario.

He now refuses to do it for the working people and seniors of Ontario.

Why is it that the Liberal party now only offers to unlock these pensions 25 percent and the remainder at 90 years of age? An age when most of the people already will have died!

Why is it that the Liberal party refuses to unlock 100 percent when the NDP and the Progressive Conservatives, plus C.A.R.P. (the organization for 50-plus) and experts in the field of pensions, such as Gordon Pape, Jack Mintz, and Malcolm Hamilton, all agree that these pensions should be unlocked 100 percent for the citizens of Ontario at their retirement age, as it was done for the citizens of Saskatchewan in 2002.

Why is it the Liberal party refuses to do the right thing?

Especially considering that it would not cost the taxpayer one cent and also would improve the economy.

Why is it the Liberal party refuses, after being lobbied for two years, to do the honourable thing and unlock these pensions.

(Signed),

Bill CostelloAtikokan, Ont.

Editor’s note: Bill Costello is with the Ontario Coalition of Independent Locked-in Fund Holders

A Letter to Mr. Kwinter

Hi All ; This is a letter Ken sent to a Liberal MPP.

Good morning Mr. Kwinter,Like your Liberal colleagues, both past and present ... Mr. Michael Brown, Mr. Michael Bryant, Mr. Sean Conway, Ms Caroline DiCocco, Mr. Bruce Crozier, Mr. John Gerretsen, Mr. Dalton McGuinty, and the list goes on ... you clearly understood the incongruity of Bill 27.

Your words from the Hansard for Thursday, December 9, 1999 are ... " I haven't quite come to terms as to why there is a special provision for MPPs. What is the intent?

I don't understand that.......... Why are we now singling out MPPs, and not only MPPs but a very small number who could have access to this provision?In fact on that same day you went to great lengths to tell the Legislature that as a former Minister of Financial Institutions in 1986, you had introduced Bill 170, an Act to revise the Pension Benefits Act.

You said concerning Bill 170 ... "I would caution the members on the opposite side and the minister and the people in the ministry to make sure they have a coherent, clear rationale for why this is being done, particularly when you take a look at Bill 170, the bill I introduced on December 9, 1986, where there was absolutely no mention of MPPs, no mention of any particular group other than pensioners.

It was totally universal across the whole field of pensions.

"I have been asking you for some time ... are you a man of integrity . are you going to tell Ontarians the REAL and WHOLE truth behind Bill 27 . given that Mr. Bradley, Mr. Conway and 18 others from your Liberal party received totally unfettered, unlocked pensions ... pensions that had been previously locked-in ... and ... despite many members of your own party, including yourself, speaking strongly against such exclusive privilege . they accepted their unlocked pensions anyway.

As you are well aware, this same extraordinary financial privilege has never been extended to any other Ontarian.

Your recent offering of a one-time, 25% unlocking privilege of principal . full unlocking being available at age 90 ... is a cruel and vicious joke against Ontarians ... when compared to what Mr. Bradley and Mr. Conway received!

Does the word HONOURABLE before your name compel you to tell ALL the truth ALL of the time ... or does it simply mean an enhanced pay cheque ... a pay cheque that is paid in part by seniors who own locked-in pensions and who must submit to the vulgar restrictions imposed on their pensions by the Financial Services Commission of Ontario.?

Are you or are you not going to tell the WHOLE truth?

You have been in power since 2003 and as such, have had ample opportunity to do so!

I again await your answer,

Kenneth Elliot

A Great Article

Hi This is a Great article that Linda Leatherdale wrote.

http://money.canoe.ca/Columnists/Leatherdale/2007/09/28/4533775-sun.html

Any wise politician knows this:

Don't tick off the blue-rinse crowd.

Well, this powerful voter group is ticked off. Skyrocketing property taxes have them seeing red. So do gouging electricity bills that Queen's Park hit with a debt retirement tax, plus GST. And they're angry about a clampdown on their precious income trusts, thanks to the feds.

But here's an issue that really has them riled. Not allowing them access to their locked-in pension money.

Their anger hits meltdown when they recall how MPPs were allowed total access to their pension money in 1999, when some $54 million was withdrawn from the old pension scheme, then topped up with $55 million from general revenues, for a total of $109 million funnelled into MPP RRSP accounts.

"It's disgusting how elected officials have this ongoing trend of continually taking care of themselves, while totally ignoring the rest of the electorate," writes Eva Cherwinski, one of thousands who've signed a petition demanding access to locked-in funds.

Here's how Ontario's pension laws work.

Let's say you're 48, and you get the boot out the corporate door. Any money accrued in your company pension plan would be moved into a Locked-In Retirement Account (LIRA), and you're not allowed to touch the money until you're 55.

Problem is access is very limited, like only 6.7%. The older you get, the more money you can get at -- but not until age 90 can you take all your money.

James Law accuses Queen's Park of being "cruel." He wrote that five years ago his mother was diagnosed with cancer and his father, then 68, had a sizable amount of money in a locked-in pension. His parents wanted to travel and enjoy the money while they could, but his father was denied access to the funds. His mother died two years later, and now his dad is gone, too."

We, his children, did not want their money," Law said.

Recent changes to pension laws allow people facing financial hardships to get at the money. Also, you're allowed access if a doctor certifies you have less than two years to live. In the past, regulators voiced concern if people had access they could blow the money and become dependent on low-income government programs. Others worried benefits, like the GST credit and old age credits, could be jeopardized, plus investors would miss out on extra value in vested pensions.

But Malcolm Hamilton, a pension expert with Mercer Consulting, says their worries are misguided. "Personally, I don't see (why) the protection is needed," he said, pointing out investors have access to their RRSP money and there is no evidence of irresponsibility.

CONVERT OR CASH OUT

RRSP funds grow tax free up to age 71, when you must either convert to a RRIF or an annuity, or cash out.

Cash out early and you pay tax at your income tax rate.

The bottom line is Saskatchewan already allows 100% access to those 55 or older, Manitoba is soon to do the same, Alberta allows 50% at age 50, and New Brunswick 25%.

It's estimated one million Canadians have locked-in pension money, with 450,000 of them in Ontario.

"Why begrudge Ontarians the same right?" asks Bill Gleberzon, director of government relations with Canada's Association for the 50 Plus (CARP).

With only 12 days to the Oct. 10 Ontario election, the CARP, along with the Ontario Coalition of Independent Locked-In Fund Holders, is making this a political hot potato.

This week, they went to Queen's Park to demand changes that would see those aged 55 be allowed to access 50% of locked-in funds, and at 65, 100%.

CARP has Conservative leader John Tory's support. He promises 100% access.NDP leader Howard Hampton is also committed.

In December 2006, NDP MPP Andrea Horwath tabled a private's members bill that would unlock funds.

With the heat on, Fiberal leader Dalton McGuinty was forced to introduce legislation to take effect in January 2008, that would allow people to transfer their current locked-in fund into a new locked-in fund, and be able to access 25% of the money within 60 days.

"Miss the 60 days, and you're out of luck," said CARP's Gleberzon.

Wanna fight back?

Go to www.petitiononline.com/WRC101/petition.html.

As Patricia Reeves argues, "It's our money, not yours!"

A Concerned Citizen

Hi All;

I received this letter from a concerned Citizen who would like to encourage all people to read Linda Leatherdales Article of which I will post next.

Regards Bill C

From: John Hoell To: torsun.editor@sunmedia.ca Sent: Saturday, September 29, 2007 10:32

PMSubject: Re-Retirees want their money

In regards to Linda leatherdale's column Friday Sept.28-Retirees want their money,I urge all Ontarians to read and understand her story.

I signed that petition 6 months ago after doing some serious investigating and was almost sick to my stomach.

In my opinion this trash that calls themselves the liberal party of Ontario must be voted out of office on October 10 and preferably into jail where most of them belong.

They are treating our seniors with complete disrespect and just plain arrogance.

If every taxpayer knew the facts (as this situation of these controversial locked-in pensions could very well apply to them and endanger their financial well being when they retire)

I am sure without doubt that they would vote these bums out come Oct.10.

This is disgusting the way our seniors who worked hard during their lives to be treated this way.

I personally have sent numerous emails to the liberals to explain themselves and what they intend to do to fix this mess but I did not receive one reply,which I figured anyways.

I know one thing absolutely for sure and that is on Oct.10 my vote will not be for these incompetent liberals and I urge everyone to go out and exercise their right to vote.

J.Hoell Barrie

A Free Vote

Hi All;

This is a letter I just received.

Regards Bill C

There has been a lot of discussion in the media and by the other political parties about bringing faith-based schools into the public education system. The John Tory campaign wanted to make sure you were aware of additional details John Tory provided today on this issue as part of his speech to the Economic Club of Toronto.

In John’s own words,“If I have the privilege of serving as Premier, I will strike a commission, consult with the public, create pilot projects, and place a bill before the [Ontario] Legislature. But that bill will only proceed with the support of the people, through their elected representatives. MPPs will be allowed a free vote, so they are at liberty to vote their conscience and represent the wishes of their constituents. In this significant way, the public can be more involved in the decision making.”

To be clear:

John Tory is allowing all of his MPPs to have a free vote in the Legislature on this issue when it comes before them in two – three years. This means that they will all be able to vote based on their own conscience and the wishes of their constituents. In the meantime, over the next year or so, a commission to study the issue will be conducted. Then, appropriate pilot projects will be conducted. Then, a committee of the Legislature will review and study the work of the commission. And, after that two – three year process, members of the Legislature will have a free vote so they can reflect the wishes of their constituents. John Tory will vote for it, but, PC MPPs will be free to vote as they see fit.

John Tory has been open and honest about his views and the motivation behind them. He has been clear today, before the election, that there will be a free vote for MPPs and he has always had the same position in public as he has had in private on this issue.

John Tory continues to be the only provincial party leader offering real leadership for Ontario. Through strengthening and modernizing health care, getting rid of ‘catch and release’ justice, providing real assistance for our farmers, eliminating Dalton McGuinty’s regressive health tax, and helping our most vulnerable citizens, only John Tory has a vision and plan for a strong, inclusive and economically prosperous Ontario.