| TORONTO (April 21, 2006): Ontario Teachers’ Pension Plan CEO Claude Lamoureux today reassured the province’s teachers and pensioners that their pension contribution deductions and payments will not be delayed or impeded as a result of a strike by 255 members of OPSEU Local 598. The strike begins Saturday, April 22 at 12:01 a.m.
“Management employees will ensure these critical services are delivered,” said Mr. Lamoureux. “All pension payments will be deposited, all survivor benefits paid and all contributions will be deducted.”
Mr. Lamoureux noted that plan management is disappointed that the union felt a strike was necessary. He explained that management’s latest offer includes a 3% base wage adjustment each year over a four-year agreement. In addition, management has offered improved incentives averaging 1.3% of base, plus an additional hour of paid work each week, which is valued at 2.8%, for a total compensation package improvement of up to 7.1% starting in 2006 versus the previous agreement.
A comparison of management’s offer and OPSEU Local 598’s demands and other background information can be found on the plan’s website.
The Ontario Teachers’ Pension Plan is an independent corporation responsible for investing the $96 billion fund and administering the pensions of Ontario’s 163,000 elementary and secondary school teachers and 101,000 retired teachers.
Contact:
Deborah Allan
Director, Communications and Media Relations
Ontario Teachers' Pension Plan
(416) 730-5347
deborah_allan@otpp.com |
