Public Sector Accounting Board (PSAB) Joint Letter

CUPE Ontario, along with the Association of Ontario Municipalities, OMERS and other OMERS plan sponsor organizations, has sent a joint letter to the Public Sector Accounting Board (PSAB). The PSAB is considering changes to how defined benefit pension plans appear on government financial statements. These changes would make the reported liabilities and costs of these pension plans more volatile, and, in our view, would not faithfully or accurately represent the fundamental state of government finances. Had these changes been in place in 2020, the very serious challenges faced by municipalities and municipal workers in the COVID-19 crisis would have been much more difficult. The letter acknowledges that although at times the signatory organizations sit on different sides of the table, we are united in our viewpoints on these issues and will continue to work together on them.

Read the letter here.

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