1. Queens University Centre for Law in the Contemporary Workplace Pensions in a Unionized Workplace May 2014 Jo-Ann Hannah Director, Pensions and Benefits

2. ”I encourage you to go on living if only to enrage your annuitants” - Voltaire, French philosopher, 1750

3. The struggle in collective bargaining over DB pensions Employer Concerns Costly Volatile funding Accounting rules Employer Solutions DC for new hires DC for everyone

4. How the Union sees Defined Benefit Historic fights for a decent pension plan 4.5 million workers still have DB plans

5. Peace of mind Member has a known amount at retirement Sponsor responsible for investing and funding the pension

6. Our employers have DB plans Stewart converted Sun Life employees’ Defined Benefit (DB) to a Defined Contribution Plan DB Donald Stewart’s annual DB pension is $650,000 Donald Stewart Retired President & CEO Sun Life

7. DB delivers better value A Better Bang for the Buck – National Institute on Retirement Security, 2008

8. Pensions Support Communities Pensions are 20% of earnings for some Ontario Communities

9. How do we keep DB plans?

10. Support solvency funding relief Benefit cuts – early retirement Member contributions DB lite for new hires Hybrid pension – split the risk No concessions policy How do we keep DB plans?

11. Resistance is NOT Futile! Coca Cola Hiram Walker 3M General Dynamics Nav Canada St. Stanislaus-St. Casimir’s Polish Credit Union Xstrata NVI Mining Rio Tinto Alcan Detroit 3 Air Canada Recent negotiations where we kept DB

12. Target benefit plans DC plans Negotiate beyond “insurers’ package” – Employer pays fees – Employer contribution rates must recognize “employee risk” When Push Comes to Shove

13. Problems in retirement security down the road Lesser benefits for new hires – Tension in the workplace Two issues on the DB to DC conversion...

14. Support the CLC expanded CPP