Dipac

Following is the letter sent to the Dwight Duncan, Ontario's Minister of Finance, emphasizing those areas of pension reform not covered in Bill 236 and expected to be dealt with in another new Bill in the near future. These are the points you should emphasize when you visit or write to your MPP, Premier McGuinty, or Minister Duncan. This is the letter that was available in limited copies at the AGM and Gananoque Info Meeting.

DuPont/INVISTA Pensioners Association-Canada

Fax to: (416) 325-0374  - One  page in total

March 3, 2010

The Honourable Dwight Duncan

Minister of Finance

Government of Ontario

7 Queen's Park Crescent

Toronto ON M7A 1Y7

Minister Duncan:

As a member of the Canadian Federation of Pensioners (CFP), we made a presentation to your senior staff on February 24, 2010 on the subject of pension reform.  We were most courteously received and trust that our input was of value.

I am now writing on behalf of the DuPont/INVISTA Pensioners Association (DIPAC) to express our appreciation for the encouraging start contained in Bill 236; although with some minor adjustments as expressed in the aforementioned meeting. However, there are several high profile issues  yet to be addressed which were also discussed. Similarly, the DIPAC organization would like to re-emphasize these eight areas and strongly suggest that they be incorporated in phase two. In summary, they are:

• Plans need to be solvent on a continuous and current basis
• Plans need to be evaluated annually on both going-concern and solvency bases
• Solvency deficiencies need to be corrected promptly and no longer than five years
• Prompt enforcement by FSCO with remedial actions plans by the Administrator included in the filing
• Creation of a safe harbour for stranded pensions
• PBGF updated to the $2500 as recommended in the OECP report and adequately funded
• Complete modernization of the Regulator with the creation of a new independent body
• Enacting CAPSA's recommendations and incorporating them in the revised Act.

We would be most pleased to be of assistance with both yourself and your staff as it is vitally important to have an effective Pension Benefit Act in alignment with the recommendations made by Dr. Arthurs.

Thank-you for your consideration.

Yours very truly,

A. (Tony) Pompeo

Chair - DIPAC