Home » High School Articles » The Scamming of Ontario Teachers and Taxpayers
The Scamming of Ontario Teachers and Taxpayers
Ontario taxpayers and the members of Ontario teachers\' unions are the victims of a systemic scam which, though legal, is a scam nontheless.
/24-7PressRelease.com/ - TORONTO, ON - January 8, 2005 The best scam is that which can be perpetrated under the cover of legality: such is the case of a scam being perpetrated at the expense of the members of Ontario teachers' unions and at the expense of Ontario taxpayers.
Here's how it works.
When a teacher union member stops performing teaching duties to become an administrator, a teacher union bureaucrat, or a teacher union leader, he/she continues to make contributions, based on a certain percentage of salary, to the Ontario Teachers' Pension Plan. When this individual retires, he/she will collect a pension from the OTPP. The pension, however, will be based on the average of the individual's best five years' salary. This means that the individual, who may have contributed to the OTPP as a teacher for much, if not most, of his/her career, will collect a pension way above what his/her own contributions would afford: in effect, this means that the collective pension contributions of teachers will subsidize the individual's inflated pension.
Those Ontario teachers who retire as teacher union members with, say, a $40,000 pension, will subsidize the pensions ($60,000 to $100,000 and over) of teacher union leaders and administrators. One can only guess as to how many hundreds of millions of dollars are required to subsidize these inflated, underfunded pensions, money that comes out of the pockets of those teachers who retire as members of teacher unions. Unfortunately, the taxpayer of Ontario is also footing the bill to the tune of hundreds of millions of dollars, as the Ontario government matches, dollar per dollar, teacher contributions to the OTPP.
The propaganda is a constant beating of drums and harping on one point: the OTPP is the best and richest pension plan and the envy of everyone. The data provided to Plan members by OTF (through the OTPP) in its yearly pension statement is misleading: a member's total contributions are not adjusted to reflect compounded interest, nor is the government's dollar per dollar matching contribution shown, thus leaving a Plan member with the impression that he/she is getting a more generous pension than he/she deserves based on his/her contributions.
At the same time, OTF refuses to extract and provide data to the membership that would allow each teacher union member to determine what returns, in the form of a pension, he/she can expect to reap for every dollar contributed to the OTPP, compared to returns obtained by union officials and administrators: apparently the OTF leadership does not want teacher union members to know that they are getting much lower returns on investment than other members of the plan (i. e. administrators and union officials).
WHY ARE OTF OFFICIALS NOT ACTING IN THE INTEREST OF THE TEACHER UNION MEMBERS, WHOSE INTERESTS THEY HAVE A DUTY TO PROMOTE, BY ENCOURAGING TRANSPARENCY RATHER THAN RESISTING IT?
For some possible answers please visit: http://www.otppripoff.com
Please visit our website for up to the minute information on this issue:
http://www.otppripoff.com
---
Press release service and press release distribution provided by http://www.24-7pressrelease.com |
|
|
Press Release Contact Information:
Michael Caruso
OTPP Rip Off
Editor
Website: Visit Our Website |
|
|
|
|
| HIGH SCHOOL ARCHIVE SEARCH |
|
|
| |
|
|
Advertise With Us |
About Us |
Contact Us