Official Website for OPSEU Local 415

The One Issue that Could Wreck Your Retirement

The One Issue That Could Wreck Your Retirement Plans …a”silent” crisis.

An invitation ,come for information on Thursday November 4th,2010  at 4:00PM in

Room P201

Please read here for full invitation

Understanding the Dollar and Cents of the McGuinty Wage Freeze

As you have likely read in recent correspondence from Warren (Smokey) Thomas,President OPSEU, the McGuinty Liberals have asked unions and employers to discuss ways to implement plans to cut pay and benefits including the possible implementation of a two year wage freeze upon the expiration of the unions’ current Collective Agreement.

As part of an awareness campaign to inform the membership regarding the implication of such a plan being implemented by the McGuinty Liberals, a Wage loss calculator has been created to illustrate income losses over the first two years of a wage freeze followed by an annual wage increase equal to the rate of inflation assuming a rate of inflation of 2%.

For members’ pension plans, the wage freeze is a concern for another reason as well, as it will have an effect on earnings for the rest of your career. This could be particularly important for members who are close to retirement, as the wage freeze could change the number ( e.g., average of best five years of service) that is used to calculate your pension for life.

Calculator is here