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34 -- PORT PERRY STAR -- Tuesday, July 11, 1989 New model enhances security Ward introduces Teachers' Pension Act Legislation to put Ontario teachers' pensions on a sound financial footing and secure full protection against inflation was introduced in the Legislature by Education Minister Chris Ward, on June 29. "The Teachers' Pension Act meets this Government's commit- ment to resolve the inadequacy of current funding arrangements and secures pension benefits for the teachers who have worked and contributed with the expecta- tion of full inflation protection," Ward said. "The new Act and related schedules and regulations move toward a new model for plan governance and ensure that the standards set by Ontario's Pen- sion Benefits Act are met and, in some cases, exceeded. In addi- tion, it provides for some benefit improvements." Liquor charges increase Each year, the number of Li- quor Licence Act violations in- crease dramatically in the sum- mer months. Last summer, more than 23,000 charges were laid in areas of the province patrolled by the Ontario Provincial Police. Most of these charges relate to the illegal con- sumption of liquor in places other than licensed premises or place of residence. The term "residence" includes tents on campsites or boats equipped with sleeping ac- commodations when moored or tied up. "These figures are substantial, but they are really only the tip of the iceberg. They only represent the violations we're aware of, but it doesn't mean that's all there are,"" said Sgt. Peter McGuinness. Beach parties are one of the biggest problems. Broken glass creates a danger for children, and even worse, drinkers may at- tempt to swim in their inebriated state. "Broken bottles create a danger for kids when they cut themselves on the glass at the beach and on the roads. But a more serious problem occurs when people go swimming after having a few drinks. They're put- ting their lives at risk," said Sgt. Peter McGuinness. It is illegal to drive or have care and control of a motor vehicle with open bottles of alcoholic beverages. "People should not go to the beach or park with alcoholic beverages. We consider those who do so to be a danger, not only to themselves, but to other people," said McGuinness. Not only is the illegal consump- tion of alcohol a problem in itself, but it can also lead to more serious problems, such as im- paired driving. "Impaired driving is the most common contributing factor in fatal motor vehicle ac- cidents," said McGuinness. WEDDING INVITATIONS and Accessories PORT PERRY STAR 235 Queen Street Port Perry 985-7383 The legislation, presented for first reading, reflects the an- nouncement made by Treasurer Robert F. Nixon in his May 17 budget of the Government's inten- tion to correct the inadequacies of current financing arrangements for the indexation benefits. Ward said the new Act establishes a process for combin- ing the basic teachers' pension plan and now-separate indexation fund, and legislates a one-per-cent of salary contribution rate in- crease for members, matched equally by provincial taxpayers. "This rate increase is necessary to sustain the current level of inflation protection," Ward said. 'Without it, it would be necessary in the future to gy | ild Brand Ww Sadia Rubber Bands s-10 rubber . Quallty os reduce indexation to 75 percent of the Consumer Price Index." The new legislation allows the assets of the consolidated fund to be invested in market securities. Under the new Act, the Govern- ment assumes full responsibility for the existing fund deficit of about $4 billion, which will be paid off over 40 years. Based on an annual salary of $40,000, a one-per-cent increase will cost a teacher $400 per year -- or about $236 after taxes. Bas- ed on that same salary and cur- rent payrolls, the Government will pay an additional $1,640 per teacher per year to sustain infla- tion protection and pay off the ex- isting plan deficit. The legislation gives the | crepe 1 of natura nigh content A jn wn a stacton Jb pe ete custo c rubber aSSUURD Con of sizes Avalavle 02 = & i IL | s-- ro . =" Ii qualty "7 vanely of GAP SH 60 Ox Government the ability to make regulations to implement one of three options for plan manage- ment: partnership, member-run, and Government-sponsorship. In a partnership, future surpluses and deficits would be shared equally by plan members and the government. In a member-run arrangement, plan members would bear all the rewards of future surpluses and all the risks of future deficits. Under Government sponsorship, the Government would remain sole sponsor of the combined plan, with responsibility for future deficits and rights to any future surpluses. "I am confident that the securi- ty of the pension benefits of cur- P=" Guild Brand v Coil. Steno 1 Book STENO NOTEBOOK CAHIER de STENO rent and future retirees will be enhanced by adoption of these provisions and one of the three governance arrangements," Ward said. He pointed out that the new Act also enables a shift to other management alternatives in the future. The legislation includes im- proved benefits for part-time teachers, broader opportunities for buybacks, more flexible rules for teachers working after retire- ment, and improved portability. "I believe this legislation builds on the strengths of the original plan," Ward said. "It remains among the best in North America, with secured pension benefits for both current and future retirees." Halt Strip Stapler 1s a Aan aoe ® i olours SRP S$I629 Top « hand Sa Avalavte n dead! g¥ stapes ly tor tackin ead Opens EEA