Ontario Minister of Finance Charles Sousa has asked Jim Leech, the outgoing head of the Ontario Teachers’ Pension Plan, to recommend ways to make electricity sector pension plans more sustainable.
“We are taking action to ensure public sector pensions are fair and affordable. I am pleased to appoint Jim Leech as the special advisor, electricity sector pension sustainability,” explains Sousa. “This builds on the steps we’ve been taking to make these plans more sustainable.”
Leech will focus on the single-employer pension plans at Hydro One, Ontario Power Generation, the Independent Electricity System Operator and the Electrical Safety Authority. He will meet with employers and employee representatives on issues facing pensions at these agencies.
Ontario also plans to introduce new legislation in 2014 to directly control the compensation of senior executives across the broader public sector, including salary caps.
The government has already frozen salaries for executives at hospitals, universities, colleges, school boards and provincially owned electricity companies.
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