THE ONTARIO EXPERT COMMISSION ON PENSIONS ACTION TO DATE Robert L. Brown Director of Research November 30, 2007 Canadian Institute of Actuaries.

THE ONTARIO THE ONTARIO EXPERT EXPERT

COMMISSION ON COMMISSION ON PENSIONSPENSIONSACTION TO DATEACTION TO DATE

Robert L. BrownRobert L. BrownDirector of ResearchDirector of ResearchNovember 30, 2007November 30, 2007

Canadian Institute of ActuariesCanadian Institute of Actuaries

CHAIR:CHAIR: Dr. Harry ArthursDr. Harry Arthurs

EXPERT ADVISORS:EXPERT ADVISORS: Bob BaldwinBob Baldwin Economist, InfometricaEconomist, Infometrica Kathryn BushKathryn Bush Lawyer, BlakesLawyer, Blakes Murray GoldMurray Gold Lawyer, Koskie MinskyLawyer, Koskie Minsky Ian MarkhamIan Markham Actuary, Watson Actuary, Watson

WyattWyatt

STAFF OF SEVENSTAFF OF SEVEN

ESTABLISHED NOVEMBER ESTABLISHED NOVEMBER 20072007

TO REPORT BY “SUMMER” TO REPORT BY “SUMMER” 20082008

JANUARY 2007JANUARY 2007

PRODUCED 21 PAGE PRODUCED 21 PAGE DISCUSSION PAPERDISCUSSION PAPER

(www.pensionreview.on.ca/engl(www.pensionreview.on.ca/english)ish)

CONSULTATIONS ON CONSULTATIONS ON DISCUSSION PAPERDISCUSSION PAPER

FUNDING AND FINANCE:FUNDING AND FINANCE: FEB. 22-23FEB. 22-23ECONOMIC AND SOCIAL: MARCH 30ECONOMIC AND SOCIAL: MARCH 30LEGAL AND REGULATORY: APRIL 6LEGAL AND REGULATORY: APRIL 6

RESEARCH RESEARCH STUDIESSTUDIES

MANY NOW AVAILABLE ON OUR MANY NOW AVAILABLE ON OUR WEBSITE WEBSITE

www.pensionreview.on.ca/english/www.pensionreview.on.ca/english/

Mandate #1Mandate #1

Mapping the Provision, Funding and Mapping the Provision, Funding and Adequacy of Occupational Pension Adequacy of Occupational Pension Plans and of Retirement Income: Plans and of Retirement Income: What Do We Know?What Do We Know?

Richard Shillington, Infometrica Ltd.Richard Shillington, Infometrica Ltd.

Mandate #2Mandate #2

Modeling the Prospective Role of Modeling the Prospective Role of Occupational Pension Plans in the Occupational Pension Plans in the Retirement Savings and Income of Retirement Savings and Income of OntariansOntarians

SSéébastien LaRochelle-Côtbastien LaRochelle-Côté, Statistics Canadaé, Statistics Canada

Garnett Picot, Statistics CanadaGarnett Picot, Statistics Canada

John Myles, University of TorontoJohn Myles, University of Toronto

Mandate #3Mandate #3

The Impact of “Exogenous” Factors The Impact of “Exogenous” Factors on Pension Plan Coverage and on Pension Plan Coverage and FundingFunding

Gordon Clark, University of OxfordGordon Clark, University of OxfordWithWith

Adam DixonAdam DixonAshby MonkAshby Monk

Kendra StraussKendra Strauss

Mandate #4Mandate #4

Comparative Funding Regimes in Comparative Funding Regimes in Canada and OECDCanada and OECD

Colin Pugh (FCIA)Colin Pugh (FCIA)

Manchester Metropolitan University (Ret’d)Manchester Metropolitan University (Ret’d)

Mandate #5Mandate #5

Comparative Models of Regulation of Comparative Models of Regulation of Risk Based Financial ServicesRisk Based Financial Services

Mary Condon, York UniversityMary Condon, York University

Mandate #6Mandate #6

Insuring Members and Pensioners Insuring Members and Pensioners Against the Risk of Plan Failure or Against the Risk of Plan Failure or Employer Insolvency – A Employer Insolvency – A Comparative StudyComparative Study

Norma Nielson, University of CalgaryNorma Nielson, University of Calgary

Mandate #7Mandate #7

Arguments About Asymmetry of Arguments About Asymmetry of Risks and Rewards and Deferred Risks and Rewards and Deferred Wages in Pension PlansWages in Pension Plans

James Wooten, University of New York at James Wooten, University of New York at BuffaloBuffalo

Mandate #8Mandate #8

Analysis of Efficiency of Pension Analysis of Efficiency of Pension Regulation in OntarioRegulation in Ontario

Lorne Sossin, University of TorontoLorne Sossin, University of Toronto

Mandate #9Mandate #9

Actuarial Issues Related to Major Actuarial Issues Related to Major Changes to Pension PlansChanges to Pension Plans

Determining Funding and Financing ImpactDetermining Funding and Financing Impact ““What if” ScenariosWhat if” Scenarios

Brian FitzGerald (FCIA)Brian FitzGerald (FCIA)

Mandate #10Mandate #10

Protecting the Pension FundProtecting the Pension Fund

Ron Davis, University of British ColumbiaRon Davis, University of British Columbia

Mandate #11Mandate #11

Analysis of Multi-Employer Pension Plans Analysis of Multi-Employer Pension Plans and Similar Entities (MEPPs, MUPPs & and Similar Entities (MEPPs, MUPPs & JSPPs)JSPPs)

Elizabeth Shilton, University of TorontoElizabeth Shilton, University of Toronto

Mandate #12Mandate #12

Alternative Governance Models: Alternative Governance Models: Vehicles for Collective Provision of Vehicles for Collective Provision of Pension Services: Pension Plans for Pension Services: Pension Plans for Small and Medium Sized EnterprisesSmall and Medium Sized Enterprises

Teresa Ghilarducci, University of Notre Teresa Ghilarducci, University of Notre DameDame

Mandate #13Mandate #13

Analysis of Factors Leading to Analysis of Factors Leading to Restructuring and Insolvency and Restructuring and Insolvency and their Effects on Pension Plan Wind-their Effects on Pension Plan Wind-Ups and ClosuresUps and Closures

Janis Sarra and Ron Davis, Janis Sarra and Ron Davis,

University of British ColumbiaUniversity of British Columbia

Mandate #14Mandate #14

Economic Impact of Pension Fund Economic Impact of Pension Fund Investments in OntarioInvestments in Ontario

Poonam Puri, York UniversityPoonam Puri, York University

Mandate #15Mandate #15

Pension Plans and Labour Force Pension Plans and Labour Force CharacteristicsCharacteristics

Morley Gunderson, University of TorontoMorley Gunderson, University of Toronto

Mandate #16Mandate #16

Tax Policy and Pension PlansTax Policy and Pension Plans

Jinyan Li, York UniversityJinyan Li, York University

Mandate #17Mandate #17

Mapping Legislative Provisions Mapping Legislative Provisions Across CanadaAcross Canada

Ontario Bar Association, Ontario Bar Association,

Pensions and Benefits SectionPensions and Benefits Section

INTERNAL RESEARCHINTERNAL RESEARCH

Four smaller mandates (e.g., Four smaller mandates (e.g., description of Pension systems in description of Pension systems in other countries)other countries)

List of StakeholdersList of Stakeholders Association of Association of

Canadian Pension Canadian Pension ManagementManagement

Canada’s Association Canada’s Association for the Fifty-Plusfor the Fifty-Plus

Canadian Auto Canadian Auto WorkersWorkers

Canadian Institute of Canadian Institute of ActuariesActuaries

Canadian Federation Canadian Federation of Independent of Independent BusinessBusiness

Canadian Labour Canadian Labour CongressCongress

Canadian Canadian Manufacturers & Manufacturers & ExportersExporters

Canadian Union of Canadian Union of Public Employees Public Employees (CUPE) – Ontario(CUPE) – Ontario

Congress of Union Congress of Union Retirees of CanadaRetirees of Canada

General ElectricGeneral Electric

List of Stakeholders List of Stakeholders Cont’dCont’d

General MotorsGeneral Motors Great West/Canada Great West/Canada

Life/London LifeLife/London Life Major Ontario Major Ontario

Pension PlansPension Plans Multi-Employer Multi-Employer

Benefits CouncilBenefits Council Ontario Bar Ontario Bar

AssociationAssociation Ontario Chamber of Ontario Chamber of

CommerceCommerce

Ontario Federation Ontario Federation of Labourof Labour

Ontario Public Ontario Public Sector Unions Sector Unions (OPSEU)(OPSEU)

Ontario Public Ontario Public Service (OPS)Service (OPS)

Ontario Teachers’ Ontario Teachers’ FederationFederation

Ontario Teachers’ Ontario Teachers’ Pension Plan BoardPension Plan Board

PUBLIC HEARINGSPUBLIC HEARINGS

TORONTO:TORONTO: October 17, 18, 19, October 17, 18, 19, 23, 2423, 24

November 7, 14November 7, 14

KINGSTON:KINGSTON: October 31October 31

OTTAWA:OTTAWA: November 1November 1

HAMILTON:HAMILTON: November 13November 13

WINDSOR:WINDSOR: November 15November 15

SUBMISSIONSSUBMISSIONSRECEIVED:RECEIVED: 8585

Some are small individual “notes”Some are small individual “notes”

Placed on Web Site November 22Placed on Web Site November 22

(www.pensionreview.on.ca/english(www.pensionreview.on.ca/english

SUBMISSIONS/SUBMISSIONS/HEARINGSHEARINGS

Association of Management, Administrative Association of Management, Administrative and Crown Professional Employees of and Crown Professional Employees of Ontario (AMAPCEO)Ontario (AMAPCEO)

Pension Investment Association of Canada Pension Investment Association of Canada (PIAC)(PIAC)

Hospitals of Ontario Pension Plan (HOOPP)Hospitals of Ontario Pension Plan (HOOPP) Police Association of Ontario (PAO)Police Association of Ontario (PAO) Police Retirees of OntarioPolice Retirees of Ontario Ontario Confederation of University Faculty Ontario Confederation of University Faculty

Associations (OCUFA)Associations (OCUFA) Council of Ontario Universities (COU)Council of Ontario Universities (COU) OPSEU Pension TrustOPSEU Pension Trust OPSEU UnionOPSEU Union

Association of Canadian Pension Association of Canadian Pension Management (ACPM)Management (ACPM)

C.D. Howe InstituteC.D. Howe Institute Nursing Homes and Related Industries Nursing Homes and Related Industries

Pension PlanPension Plan Ontario Chamber of CommerceOntario Chamber of Commerce Financial Executives International CanadaFinancial Executives International Canada Keith AmbachtsheerKeith Ambachtsheer Ontario Federation of Labour (OFL)Ontario Federation of Labour (OFL) Canadian Association for 55+ (CARP)Canadian Association for 55+ (CARP) OMERSOMERS

Municipal Retirees Organization of Municipal Retirees Organization of OntarioOntario

Ontario Bar Association (OBA)Ontario Bar Association (OBA) International Association of Machinists & International Association of Machinists &

Aerospace Workers (IAMAW)Aerospace Workers (IAMAW) Social Investment OrganizationSocial Investment Organization Ontario Region of Communications, Ontario Region of Communications,

Energy & Paperworkers Union of CanadaEnergy & Paperworkers Union of Canada Ontario Teacher’s Pension PlanOntario Teacher’s Pension Plan Ontario Secondary School Teachers’ Ontario Secondary School Teachers’

Federation (OSSTP)Federation (OSSTP) United Steel Workers (USW) CanadaUnited Steel Workers (USW) Canada Morneau SobecoMorneau Sobeco

BlakesBlakes Koskie MinskyKoskie Minsky Osler HoskinsOsler Hoskins Union Pension Services Ltd.Union Pension Services Ltd. Multi-Employer Benefit Plan Council of Multi-Employer Benefit Plan Council of

Canada (MEBCO)Canada (MEBCO) Towers PerrinTowers Perrin Canadian Federation of Independent Canadian Federation of Independent

Business (CFIB)Business (CFIB) Buck Consultants (2)Buck Consultants (2) Canadian Union of Public EmployeesCanadian Union of Public Employees

National Pensioners & Senior Citizens National Pensioners & Senior Citizens FederationFederation

Watson WyattWatson Wyatt AONAON Ontario Pension Board (OPB)Ontario Pension Board (OPB) Toronto Transit Commission Pension Fund Toronto Transit Commission Pension Fund

SocietySociety MercerMercer Association of Municipalities of Ontario Association of Municipalities of Ontario

(AMO)(AMO) Ontario Professional Fire FightersOntario Professional Fire Fighters United Food & Commercial WorkersUnited Food & Commercial Workers

Colleges of Applied Arts & Technology Colleges of Applied Arts & Technology Pension Plan (CAAT)Pension Plan (CAAT)

College & University Retirees AssociationCollege & University Retirees Association Canadian Institute of Actuaries (CIA)Canadian Institute of Actuaries (CIA) Canadian Labour Congress (CLC)Canadian Labour Congress (CLC) Federal Superannuates National Association Federal Superannuates National Association

(FSNA)(FSNA) Welton, ParentWelton, Parent Canadian Federation of PensionersCanadian Federation of Pensioners CAW – Retired WorkersCAW – Retired Workers 25 + Others25 + Others

THE FUTURETHE FUTURE

Consider Report FrameworkConsider Report Framework

Revisit StakeholdersRevisit Stakeholders

Write ReportWrite Report

Submit by September, 2008Submit by September, 2008