Amendments Passed for City of Regina Pension Plan
The Government of Saskatchewan has passed amendments to pension regulations for the City of Regina pension plan. These amendments will come into force on January 1, 2016 and, along with changes being made to the City of Regina pension plan, will bring the plan into compliance with Saskatchewan pension law.
“I am very pleased with this result,” Financial and Consumer Affairs Authority Deputy Superintendent of Pensions Leah Fichter said. “These changes will make the Regina City pension plan more sustainable over the long term and put more controls in place to deal with future deficits.”
The amendments to the regulations 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;
- a 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; and
- a requirement that key decisions regarding changes to future plan benefits be subject to a deadlock resolution process.
In December 2014, the City of Regina and the Regina Civic Pension and Benefits Committee submitted a proposal to change the pension plan. Amendments to the pension regulations were required before the changes to the plan could be implemented.
In March 2015, the government agreed to amend the regulations.