Open letter to the Ontario Finance Minister

This is a letter I have sent to news papers across Ontario . Weather they print it or not is another story . Bill C

Dear Editor ;

My name is Bill Costello and I am with the Coalition of The Independent LIF ( locked in fund ) Holders.
We have for a number of years been requesting the government or Ontario to unlock these funds .
Now with the faltering economy it is more important then ever yet the government ignores the pleas of thousands of concerned fund holders .The government does not want to answer this simple question and this is why I am requesting of you to print this open letter.

Also any help from your paper with having the restriction lifted on these funds would be appreciated .
Unlocking these funds ( Locked in Retirement accounts ) is now not only a concern of the account holder ,but should be the concern of any Ontario Citizen as there are Millions of dollars in these accounts and if unlocked I am sure some of it would be spent and benefit the Ontario Economy .
Thank You , Regards Bill Costello , Box 56 , Atikokan Ontario

The Hon,.Dwight Duncan February 15 , 2009

Dear Finance Minister ;

First off I would like to inform you that I will also be mailing this letter out to news papers across Ontario as a open letter.

The reason for that being that I have asked the question numerous times " why will the Liberal Party of Ontario not unlock locked in pensions ( LIRA , LIRF , LIF ) 100% for retires 55 years of age and older in Ontario " . I have never received a answer to that Question even though I have asked the question of the Hon. Premier and the Hon. Finance Minister many a time .

The only answer I have received of late is that the Liberal government has unlocked 25% and are not prepared to go any further at this time .

I am sorry to say that does not answer the question. As a Taxpayer of Ontario I have a right to know why the Liberal Party will not unlock these funds .

Unlocking would be a big benefit to the Ontario economy . If seniors had access to their locked in accounts they may retire early . Therefor making room for the younger generation to have jobs . This would mean making room for family's that are on welfare because there are not enough jobs available .

It would also help seniors that have lost their jobs and are close to retirement . They may have enough money in their fund if it wasn't locked in to hold them over until 65 , but with the fund locked they have to go on welfare instead .

I know there are some that say if the seniors are given their money they might spend it and become wards of the government when they reach retirement age.

I am no financial wizard but when one reaches 65 they receive OAS, medical drugs , and CPP if they qualify . Yes some may require GIS but don't you think that is a lot cheaper than making them stay in the workforce and causing a young couple to go on welfare or making them go on welfare because the jobs are not available .

Not all fund holders are going to go out and blow all the money they saved for retirement all their lives . Some however may buy a new car or a house with some of their funds . This would be a boost for the Ontario economy . Best of all this is not bail out money . This is the peoples own personal savings .

I could go on and on how unlocking these funds can boost the economy with no cost to the Ontario government ,start up small business, buy furniture , etc , but I am sure you realizes all that .

People with regular unlocked RRSP's have 100% access to their funds so why should Thousands of Defined Contribution Contributors and the Thousand of Defined Benefit Contributors that never put in their required number of years and ended up in a locked in fund because of company cutbacks , Company closures etc. Not be entitled to the same financial freedom as RRSP holders .

From what I have been told there is anywhere from 300,000 to 350,000 locked in fund holders in Ontario and growing by the day .Nobody seems to actually know the real number , Wouldn't releasing these funds to the rightfully owners give a large boost to the Ontario economy ?

In closing Hon Finance Minister . Please tell me and thousand's of other locked in fund holders .

(( Why will the Liberal Government Of Ontario not unlock these funds 100% ?? ))

After All this would not be a first .

The province of Saskatchewan unlocked these funds for there citizens 7 years ago in 2002 with no bad results recorded after releasing the peoples own deferred wages to themselves .

Please Sir . Give me a direct answer .

I give Permission for this Letter to be used in any News Paper , TV Station , Radio in Ontario

Thank You , Bill Costello , The Ontario Coalition of Independent LIF holders ,

Box 56 , Atikokan , Ontario , P0t 1c0 ,