Some major pain will be coming down the pipe for Hamilton when US Steel shuts shut down and winds up the pensions. Some key facts from the recent Steel Committee Report: -Hamilton Bargaining Plan (Local 1005) members represent over 65% of the total 14,338 US Steel Canada pension plan members (as of December 31, 2013), and have the lowest annual average pensions ($16,355) -The Hamilton Bargaining Plan could only afford to provide 73.4% of the expected annual pension to members, resulting in an average annual reduction of $4,354, or $363 a month -Over 7,000 USSC pensioners from all four USSC pension plans reside in the City of Hamilton -The impact of adjusting the annual forecast for all 7,050 pensioners to factor in the unfunded pension liabilities of the four pension plans is estimated to be total decrease of $28.2 million annually -Approximately 1.4% (1 in 72) of Hamilton’s total population are known USSC pensioners -Approximately 6.3% (1 in 16) of Hamilton’s population of 60+ years old are known USSC pensioners -Over 70% of USSC pensioners with Hamilton addresses are associated with a detached single family home -Those 5,043 USSC pensioners represent 4% of all single detached homes in Hamilton (1 in 25 homes) -The properties associated with known USSC pensioners make sizeable cumulative contributions by ward, ranging from almost $400 thousand in Ward 14 to over $4.3 million in Ward 8 -The dwellings associated with known USSC pensioners in Hamilton provide the City with approximately $24 million in property tax annually There could be a lot of homes going up for sale in the next few years.
Posted on: Tue, 27 Jan 2015 23:24:27 +0000
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