Murphy hopeful pension plan agreement will work for retirees
The pension plan agreement announced today by government and public service unions reflects a lot of hard work from people on both sides, says MHA George Murphy (St. John’s East) and all concerned should be commended for the work they put in on the deal.
Murphy says that as far as he is concerned, the joint trusteeship – which gives unions an equal say with government over the plans – is one of the best aspects of the agreement.
“A big part of the reason why the pension plans were in such hard shape in the first place is because previous governments had borrowed from the plans, or not made contributions that were owed – like the Liberal government did in the early 1990s,” he said
“With the unions jointly involved, we can be sure that looting will not be allowed to happen in the future, and that the plan will be administered in the best interests of the people who depend on it for retirement income.”
Murphy applauded the labour leaders and government representatives for their long hours of work to hammer out an agreement acceptable to all parties.
“All hands were committed to the idea of defined benefit pensions, and fairness for retired public servants. That they kept that goal in view, and were able to reach it, says a great deal about the good faith of all involved in the bargaining,” said Murphy.
“We will be watching for the promised legislation to come to the House of Assembly this fall, and looking at the details very carefully, but for now all involved deserve our thanks for their hard work.”