Quote:
Originally Posted by Keith P.
I'm sure it means the HRM pension plan is in even worse condition than it was the previous year.
If this leads to the economic bubble popping, the gravy train for HRM revenue based on growth will come to an abrupt end. However, because most of their expenditures are staff that cannot be fired or laid off, look for sharp increases in the property tax rate in the upcoming years. This is the direct result of HRM not exercising any controls whatsoever on wasteful spending over the past number of years during the growth bubble. It will be a harsh reckoning. I am looking for property outside of HRM.
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Read this :
https://www.halifax.ca/sites/default...5rc123pres.pdf
Read all of it. Sometimes a person just has to prod a councillor to put the issue on the agenda.
Key quotes from pages 8 & 14
• HRM Plan provides more generous features than the vast majority of plans across the country
• After considering CPP and OAS many HRM Plan Members retire with more net cash flow than they had preretirement
• Flat 2.0% accrual rate that is not integrated with CPP. Vast majority of public sector plans are integrated
with CPP
• Generous early retirement provisions
• One area where some plans provide more benefit than HRM is with regards to post-retirement indexation
of pensions
• HRM contribution rates among the highest in the country (see Appendix 3)
Quote : Superintendent of Pensions in Nova Scotia issued a consultation paper in
September 2017
• New rules expected to be released in Q1 2019
• Ontario has already released and implemented their revised funding rules
• Nova Scotia largely mirrors Ontario with regards to pension legislation
• Once fully implemented, changes will likely result in increased funding
requirements of 2-4% of payroll for the Plan, assuming no adjustments to
Plan design
• Total Plan payroll of ~$370M* implies each 1% payroll contribution equates
to ~$3.7M