TORONTO, ONTARIO--(Marketwire - Oct. 23, 2012) - Finance Minister Dwight Duncan's announcement today of a cost-containment deal with the Healthcare of Ontario Pension Plan (HOOPP) is premature, says a key stakeholder in that pension plan, the Canadian Union of Public Employees (CUPE).
The proposed deal changes the Agreement/Declaration of Trust, which can only be done by the plan's settlor organizations; the Ontario Hospital Association, CUPE, the Ontario Nurses Association, the Ontario Public Service Employees Union and the Service Employees International Union.
Unanimous consent of all the settlors is required and CUPE is not in agreement, after the Ministry of Finance changed an important feature of the agreement with HOOPP.
"Overseeing a pension plan is an enormous responsibility. It's important that decisions that affect the livelihood of retirees be made thoughtfully and follow the legal framework for the agreement. This announcement, in advance of those tests is not prudent or considered. While an agreement is possible, today's announcement by the Minister of Finance is hasty," says Michael Hurley, the president of CUPE's Ontario Council of Hospital Unions (OCHU).