OTTAWA, Jan. 26 /CNW Telbec/ - The Canadian Institute of Actuaries (CIA)
has met with members of Parliament and government officials to recommend that
they: 1) adopt a series of measures to safeguard the future of defined benefit
pension plans, a key component of the country's retirement income system; 2)
take a leadership role in putting retirement savings on the national agenda by
organizing a summit of provincial and territorial ministers responsible for
pension regulation; and 3) establish a financial governance structure for the
Employment Insurance system that a) eliminates pro-cyclical pressure to raise
premiums, b) stabilizes premiums over a business cycle by c) establishing a
$10-15 billion EI premium stabilization fund.
"Canada's actuaries believe that the government needs to implement both
short- and long-term initiatives to safeguard defined benefit pension plans
and to ensure that the EI system has the resources to cope with the current
financial crisis and recession. Tomorrow's Budget will tell us if this
government has been listening and if it plans to do something meaningful about
these two critical issues of importance to Canada and Canadians," says Michael
Hale, President of the Canadian Institute of Actuaries.
Michael Hale will be available for comment on Parliament Hill following
the presentation of the federal budget.
When: January 27, 2009 from 4:30 p.m. to 6:30 p.m.
Where: Railroad Room, (253-D), Centre Block, Parliament Hill and via
The Canadian Institute of Actuaries is the national organization of the
actuarial profession. The Institute is dedicated to serving the public through
the provision, by the profession, of actuarial services and advice of the
highest quality. In fact, the Institute holds the duty of the profession to
the public above the needs of the profession and its members.
For further information:
For further information: or to arrange a telephone interview, please
contact: Josée Racette, Project Manager, Communications, (613) 236-8196 ext.