WHEREAS the Canadian economy is in its deepest downturn since the 1930s putting the retirement security of many workers at risk; and

WHEREAS cities are key providers of social services and support programmes for older workers and retirees; and

WHEREAS the financial meltdown and a wave of employer bankruptcies have resulted in under-funded pension plans and the actual and potential loss of promised pension benefits; and

WHEREAS only one in four private sector workers belong to an employer pension plan, the remaining 3 out of 4 workers must rely on their own personal savings to try to provide for their retirement; and

WHEREAS our public pension system, Old Age Security (OAS) and the Guaranteed Income Supplement (GIS) plus the Canada Pension Plan (CPP) is safe but falls well short of replacing the 50% to 70% of pre-retirement income needed to maintain decent living standards;

THEREFORE BE IT RESOLVED that the Federation of Canadian Municipalities (FCM) support expansion of our public pension system

1. By increasing the Guaranteed Income Supplement (GIS) by 15% so no senior lives in poverty;
2. By phasing in a doubling of the proportion of average earnings replaced by Canada Pension Plan (CPP) from 25% to 50% , financed by a modest increase in premiums;
3. By protecting Canadian pensions through a federal system of pension insurance.

BE IT FURTHER RESOLVED that the Federation of Canadian Municipalities (FCM) support the call on the federal government to hold a national summit on the issue of pensions and support the expansion of the Canada Pension Plan (CPP).