Released on March 11, 2015
The Government of Saskatchewan has accepted recommendations brought forward by the Financial and Consumer Affairs Authority (FCAA) to amend pension regulations for the City of Regina pension plan.
These amendments, along with amendments being made to the City of Regina pension plan, will bring the plan into compliance with pension law and will result in a pension plan that is more affordable and sustainable.
“I would like to thank the FCAA staff for their hard work in reviewing this very complex issue,” Justice Minister and Attorney General Gordon Wyant said. “I would also like to express my appreciation to the City of Regina and the Civic Pension and Benefits Committee for their perseverance in negotiating amendments to the pension plan.”
The proposed amendments to the regulations will include:
a longer period of time over which the unfunded liability in the plan can be paid off;a removal of the requirement that solvency deficiencies in the plan have to be funded; anda provision that contribution rates in the plan can’t be reduced until the unfunded liability established in the next actuarial valuation report is paid off or eliminated.
The City of Regina and the Regina Civic Pension and Benefits Committee submitted a joint proposal regarding changes to the pension plan to FCAA in December 2014 for review. The proposal was accepted and recommendations to proceed with amendments to the regulations were forwarded to the Government of Saskatchewan.
For more information about the City of Regina Pension Plan visit http://fcaa.gov.sk.ca/reginapension .
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