Province has passed amendments to Regina’s pension plan

REGINA – The Saskatchewan government has passed amendments that will help bring the city of Regina’s pension plan into compliance with provincial pension law.

The Financial and Consumer Affairs Authority threatened last year to cancel the pension plan because of its estimated unfunded liability of 224-million dollars.

READ MORE: City of Regina, unions avert pension cancellation

It says the 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 – proposed by city employees and employer groups – include providing a longer period of time to pay off the unfunded liability.