Regina submits proposed fix for troubled pension plan
Regina's city manager, Glen Davies, has submitted his proposal for a revamped civic pension plan to provincial authorities.
Saskatchewan's Superintendent of Pensions issued a warning that Regina's pension plan, which has a large funding deficit, could be wound up and asked for submissions, from all concerned, on how to remedy the situation.
The city's proposal recommends increased contributions, from employers and workers. There would also be a change in a key eligibility calculation.
Davies referenced that change to reporters at city hall Wednesday.
"Employees will be able to take an unreduced pension at age 55, but only when they've accumulated a total of 85 years of service and age — as opposed to 80 in the past," he said.
Davies added that his proposal would not lead to any changes for people who already retired.
"It has no effect on existing retirees' pensions, nor existing accumulated benefits," Davies said. "[The changes are] only on a go-forward basis."
Other groups with an interest in the pension have until Nov. 30 to submit their ideas on the situation. All sides will then have until Dec. 31 to examine what has been sent in and comment.
In a news release issued Wednesday, workers covered by the plan were invited to a town-hall style meeting set for Monday to give employees an update on what has happened so far from union leaders.
The meeting will be at the Conexus Arts Centre in Regina and will start at 7 p.m. CST.
The release repeated concerns of employees that the City of Regina has been attempting to make changes to the plan without agreement from workers.
"We are concerned that they are trying to keep the concessions we agreed to while stripping away the defined benefit nature of the plan," Kirby Benning, the chairman of the pension and benefits committee for unionized workers, said in the statement.