While Ottawa’s proposed reforms to the pension plans of federal employees and MPs are a move in the right direction, the deep flaws in these plans require more fundamental revisions, according to a report released today by the C.D. Howe Institute. In “Federal Employee Pension Reforms: First Steps – on a Much Longer Journey,” authors William B.P. Robson and Alexandre Laurin argue that more sweeping reforms are needed to achieve better funding and a more reasonable division of obligations and risks between taxpayers and public servants. “The guaranteed incomes those plans promise participants are far more valuable, and their costs and obligations on taxpayers are far larger, than reported,” said Robson, President of the Institute.