WINNIPEG (CBC) - Retired teachers are speaking out at the Manitoba legislature this week against a bill that affects the cost-of-living adjustments to their pensions.

More than 450 people have made submissions to the hearings on bill 45, the Teachers' Pensions Amendment Act.

The bill would limit retired teachers' cost-of-living adjustment to up to 5.33 per cent or two-thirds of the annual increase in Canada's consumer price index of the previous year - whichever is less - subject to available funding in the pension adjustment account, for the next 10 years.

The provincial government argues the changes would "more fairly reflect cost of living increases faced by retired teachers on fixed incomes" and "help to provide former educators with a more stable, more fair and enhanced pension plan over the next 10 years."

But Pat Bowslaugh, president of the Retired Teachers Association of Manitoba, said teachers paid into a fund to ensure their pensions would keep up with inflation, and so the bill essentially reduces their pensions.

"The bill right now says up to two-thirds with no guarantee, so essentially we could get zero," she said.

Retired teachers haven't seen a full cost-of-living increase since 1990, Bowslaugh said.

"Consequently, the dollar that we had in 1999 is now worth 90 to 91 cents," she said.

The hearings continue throughout the week.

LIKE IT?  LET OTHERS KNOW