REGINA – Regina city council unanimously voted in favour of the proposed pension plan Monday night, though there are still a few more hurdles the package will need to clear before it is official.
The agreement reached by employer and employee groups was announced last Friday, approved in principle by council, and will now move on to the city’s Pension and Benefits Committee for a vote on Wednesday.
The proposed plan includes implementing a new governance structure.
It would also see employees cover 40 per cent of the 240 million dollar deficit, while the city and other employer groups would have 20 years to pay the remaining 60 per cent.
Following the vote, Mayor Michael Fougere said he was pleased with council’s unanimous vote and that the plan will be moving forward.
“Very, very pleased,” Fougere said. “We have certainty for the future, for those who are on pension, those who are working and for taxpayers. We have an agreement that will stand in good stead.”
Kirby Benning with the Civic Pension and Benefits Committee said there had to be some give and take to find a solution both sides could agree on.
“We have made a lot of cuts, cutting 25 per cent of benefits on a go forward basis,” he explained. “We will be able to save up a lot of money and rebuild up those reserves so hopefully we don’t have a another downfall pretty quickly and we can manage that.”
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There was a collective sigh of relief and some applause in response to the vote, but many city workers, like David Grandel, say it’s a little too soon to celebrate.
“I’m happy about it that’s for sure. I have 25 years with the city and I was quite skeptical whether not we were going to see a positive result. I’m still a little leery to be honest but time will tell.”
Janet Craig is a Regina Public Library employee and has sat on the civic pension and benefits committee for the past five years.
She said she’s extremely relieved with Monday’s vote.
“It ensures employees they will have a good retirement. They will know what they are getting every month and they won’t have to guess,” she explained. “It’s not a gold plated benefit, but it’s comfortable.”
The package must also be reviewed by the province’s superintendent of pensions and approved by the end of the year.
Earlier this year, the superintendent said if a deal wasn’t reached by the end of this month, the plan could be terminated.
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