REGINA – The City of Regina and its employees have finally reached an agreement to resolve their Civic Pension Plan dispute.
The two sides have agreed to fundamental changes to the Civic Pension Plan that should meet the requirements of the Superintendent of Pensions and protect taxpayers, retirees and employees.
Earlier this year, the Deputy Superintendent of Pensions of the Financial and Consumer Affairs Authority (FCAA) of Saskatchewan was considering cancelling the City’s pension plan registration.
“We are very pleased with the results of our negotiations,” City Manager Glen Davies said. “I want to thank Mr. Benning for his hard work and commitment to bringing this issue to a successful conclusion.”
“We’re happy with the outcome,” said Kirby Benning, Chair of the Pension & Benefits Committee which represents 21 employee groups. “Both sides had to make concessions for this to work, and I’m glad we were able to meet in the middle and come to an agreement that respects and completes the work of the LOI (letter of intent).”
The agreement would see a series of temporary contribution rate increases, plus benefit reductions put in place if the plan ever sees a shortfall in the future.
Contribution rates for both sides would be lower and a new simpler governance structure would be put in place.
The new proposal will be sent to the FCAA and council will be asked to endorse the new agreement in principle at their November 24th meeting.
Comments