CLC: Canadian working families want answers on retirement losses

Canadians have lost more than 80 billion dollars since March 31

Ottawa (1 October 2008) – Canadian working families have lost more than eighty billion dollars ($80,000,000,000) in retirement savings and they want the federal government to cover their losses. The federal government has a legal obligation to monitor and protect the integrity of Canadians’ pensions and retirement saving plans and working families want to know what is the government’s plan to cover these losses?

“This is the question from 4.6 million Canadians who deferred a portion of their wages over the years into trusteed pension plans,” says Ken Georgetti, president of the Canadian Labour Congress pointing that trusteed pension plans have lost more than fifty (50) billion dollars since March 31. The question is also on the mind of that 60% of Canadian families holding RRSP / RRIF investments that have lost thirty (30) billion dollars.

“When Canadians’ retirement security is threatened by malfeasance and corruption, Canadians want their government to protect them from harm and backstop their losses,” says Georgetti. “As bad as it is in the U.S., the American government at least recognizes a large portion of their citizens’ retirement savings would be lost if there was no government action. Our own government’s silence add to Canadian working families’ worries. Action is needed now.”

 

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