Canada Pension Plan Heads to receive Millions

[Northern Boy]

Looks like we have our own skeletons hanging in our closets up here just as the wall street bankers demanded their bonus`s It now looks as though the top 5 heads of the Canada Pension Plan look to take home roughly 17 Million in bonus`s this year , some of this money will be deferred over 3 yrs . The kicker being the fund lost 24 billion the last fiscal year alone . Go figure




The heads of the Canada Pension Plan are slated to take home millions in bonus payouts this year, even as the fund struggles and the economy slips deeper into recession.

According to the fund's annual report just released by the CPP Investment Board, David Denison, the president and CEO of the CPP, along with his top four executives, will take home a total $8.5 million in pay and bonuses for the 2009 fiscal year.

Additionally, the executives are due another $7 million in long-term awards that will be paid out over the next three fiscal years.

Denison earned a total of $2.9 million in the last fiscal year -- down 30 per cent from $4.2 million the prior year -- including a base salary of $490,000, an annual bonus of $735,000 and "long-term incentive plan" awards of $1.6 million.

He also earned $59,023 in pension contributions and $9,571 in other benefits, which the CPPIB said include life insurance, disability benefits, and health and dental plan costs.

The fund's top five paid executives -- including senior vice-presidents Mark Wiseman, Donald Raymond, Graeme Eadie, former CFO Myra Libenson and Denison -- earned a total of $8.5 million in 2009, down 31 per cent from $12.4 million in 2008.

read the rest of the article here:

http://news.sympatico.msn.ctv.ca/Home/ContentPosting?newsitemid=CTVNews%2f20090528%2fcpp _bonuses_090528&feedname=CTV-TOPSTORIES_V3&show=False&number=0&showbyline=True&subtitle=&detect=&abc=abc&date=True

[oldpaganfreak]

wow!!!! wtf??? :sad::shocked::tears:
this is disturbing. how could a cicil servant earn that kind of money.
this is as obscene as the NHL salaries.
thanks, nb. as much as this upsets me, i needed to know this.
i currently get a canada pension disability, and in 5 years will begin collecting canada pension proper. i have fears for the future of the plan, in light of this.

[Northern Boy]

I know I`ll never see a dime out of it ,all the more reason to opt out of the system I guess. I`m wondering now if the liberals say anything about this . I don`t approve of either leader it is much the same as the American`s Democrats and Republicans, both know what`s going on its just a matter of who pulls the rug out from underneath us

[oldpaganfreak]

I know I`ll never see a dime out of it ,all the more reason to opt out of the system I guess. I`m wondering now if the liberals say anything about this . I don`t approve of either leader it is much the same as the American`s Democrats and Republicans, both know what`s going on its just a matter of who pulls the rug out from underneath us

i agree.

[sunflower]

Ouch! I'm sending that article out to everyone I know. This is a real wake-up call!

[no caste]

I didn't know the CPP was administered "at arm's length" as a Crown Corporation! Holy &^$%^$:sad:

Read this -

From the CPP Investment Board website -
http://www.cppib.ca/About_Us/Our_History/

Our mandate is to invest in the best interests of the Canada Pension Plan contributors and beneficiaries and to maximize investment returns without undue risk of loss.

The Canada Pension Plan was established in 1966 to provide working Canadians with a foundation on which to build their retirement income. It was a joint creation of the federal government and the nine provinces who participate in the CPP.

By 1996, it was clear the CPP was unsustainable. For example, in that year $11 billion in contributions were collected, but $17 billion in benefits were paid out. As well, demographic projections indicated that there would be far fewer workers whose contributions would be supporting retirees in the coming decades. Federal and provincial finance ministers, who act as stewards of the CPP, took bold action to deal with this problem and to make the CPP sustainable.

Following extensive federal/provincial consultation and discussions with Canadians in all participating provinces, a solution was agreed upon. The reforms included:
* Commitment to raise CPP contribution rates in stages, reaching 9.9 per cent in 2003
* Commitment to create a large pool of assets to help partially pre-fund the CPP (the pool would be created from the higher contribution rates and other measures), and
* The creation of the CPP Investment Board as a Crown corporation operating at arm’s length from governments to manage and invest the CPP fund to help ensure the long-term sustainability of the CPP.

1997 October
* Finance ministers appoint nominating committee to recommend candidates for board of directors

1997 December
* CPP Investment Board created by an Act of Parliament

[Liberal government under Chretien 1993-2003]