City of Regina pension deficit now exceeds $290M: report
The City of Regina's pension plan added $84 million to its deficit last year — and its money woes continue, a report going to city hall says.
On Tuesday, a city committee will receive the annual report of the Regina Civic Employees' Superannuation and Benefit Plan.
It says the employees' pension plan, which covers about 6,700 city workers, non-teaching school workers, health region employees and library staff, had a deficit of $293 million at Dec. 31, 2011.
The pension plan's chairman, Bob Linner, says contributions from employers and employees must be increased to correct a massive unfunded liability.
In 2011, the plans net assets increased $13.8 million, but its pension obligations increased by $97.8 million, resulting in a deficit that's $84 million higher than the previous year, the report said.
Groups including unions and the city have been holding negotiations about possible changes for years, but there has been no resolution.
"The board's message remains the same, with increased urgency, yet to date no contribution increases have been implemented and no changes have been made," Linner said in the report.
"A prolonged stalement puts future (and possibly past) benefit promises at risk."
The report will be forwarded to city council for consideration.