TORONTO, March 15, 2013 /CNW/ - The new Government of Ontario and the
Ontario Teachers' Federation (the Sponsors) are pleased to announce an
agreement that provides contribution stability to both the Government
and members of the Ontario Teachers' Pension Plan (OTPP) for the next
"This agreement preserves the Plan as a partnership and provides a
temporary four-year valuation cycle, giving the Sponsors more
flexibility to deal with Plan funding levels," stated Terry Hamilton,
OTF President. "More importantly, because the Sponsors took action to
improve the Plan's funded status in the recent filing, these changes
will be taken into account by the Government in the next valuation.
This provides teachers with even more protection and that was important
to us in these discussions."
This agreement was reached through the Jointly Sponsored Pension Plan
(JSPP) consultations and follows on the recent filing of a balanced
"The agreement is very similar to deals reached with other jointly
sponsored public sector pension plans in October of 2012 but it made
sense for the Sponsors of the OTPP to focus their efforts on filing a
balanced 2012 valuation first," stated Hamilton.
"By working together, teachers and the Government were able to find
common ground with respect to the Ontario Teachers' Pension Plan,"
stated the Minister of Finance, Charles Sousa. "This agreement allows
the Government of Ontario to meet its commitment to taxpayers and
maintain contributions in public sector pension plans as announced in
the 2012 Budget. The teachers worked co-operatively with Government to
reach a balanced 2012 filing and on this broader framework. These
agreements offer both stability and protection to both taxpayers and
members of the Ontario Teachers' Pension Plan."
The Ontario Teachers' Federation is the advocate for the teaching
profession in Ontario and for its 160,000 teachers. OTF members are
full-time, part-time and occasional teachers in all the publicly
funded schools in the province—elementary, secondary, public, Catholic
SOURCE: Ontario Teachers' Federation
For further information:
Office of the Minister of Finance