It’s reassuring to read of Dalton McGuinty’s apparent change of heart when it comes to GM pensioners.
The premier’s earlier position was to provide no support for GM retirees, stakeholders who have virtually no voice in the ongoing discussions surrounding an aid package for the company.
The Liberals have maintained the long-standing policy of allowing GM to underfund the pension plan since the 1992 changes to the Pension Benefits Act, which included the so-called “Too Big to Fail” provision. While the McGuinty government did not introduce this regulation, it did nothing to reverse it and allowed the underfunding to continue, leading to the now massive pension deficit.
The Ontario government has a moral obligation to assist GM pensioners who must bear the brunt of an ill-conceived policy the Liberals were content to let ride during boom times.
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