Report on bloated Ontario hydro pensions, says taxpayers covering most costs
TORONTO – A new report says Ontario taxpayers are putting in almost $6 for every $1 employees working at the province’s four energy agencies are putting into their pension plans.
At Hydro One, taxpayers are forking out 81 per cent of the contributions.
Ontario Power Generation employees are putting in just one-quarter of the contributions.
The government-commissioned report says the four pension plans are “generous, expensive and inflexible” and none of them is stable.
It says the employer bears all risks that can increase pension costs, which are ultimately borne by ratepayers, customers and shareholders.
Jim Leech, who authored the report, is recommending that the contributions move to a target of 50/50 over the next five years.
© The Canadian Press, 2014