Wednesday, March 4, 2009

Welcome to the real world... not really..

I appreciate that our teachers have a very important responsibility and irrespective of what some people think it's been my experience they are dedicated and hard working. However I find it hard to have any real sympathy for those teachers calling in and worrying about their pensions that our Government guarantees. Furthermore when I look at the percentage of losses on their fund compared to the current marketplace they should be calling in and thanking whoever is managing it. Most people's pensions and savings are down 30 to 40 percent and there are very few of those people that have the good fortune to have the Government on the hook for any losses. My advice which comes pretty cheap and not worth much is to stop the calls and the media interviews and the less the teachers remind the bulk of Islanders that we're back stopping their losses the less Islanders are going to resent our teachers...
P.E.I. teachers fear for pensions
Wednesday, March 4, 2009
CBC News
Phyllis Horne, president of the P.E.I. Teachers' Federation, is reassuring retired teachers their pensions are guaranteed by government. (CBC)
The head of the teachers' federation says she is receiving calls from retirees worried about their pensions after it was announced the fund covering teachers, government workers and politicians has taken a hit.
"I've had to reassure them the government does guarantee our pension plan," said Phyllis Horne, president of the PEI Teachers' Federation.
Since the start of the economic crisis the fund, called the Master Trust, has lost upward of $275 million.
"If it goes on long term, it could have budget implications," Horne adds,
Provincial Treasurer Wes Sheridan said while the amount sounds like a lot, it is less than other investments are losing.
"Obviously this is a global problem and nothing to do with [the province]," said Sheridan. He added that the loss will affect the province's bottom line in the short term. However, according to Sheridan, while the fund has lost money, the amount is less than the national average.
The Master Trust covers the pensions for all government workers, teachers and MLAs.

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