Pension changes to take effect January 1, 2016

Changes to the Regina Civic Pension Plan resulting from last November’s Memorandum of Understanding will now be implemented January 1, 2016, instead of July 1, 2015.

The adjustment of the implementation date was approved by the employee Pension and Benefit Committee (PBC) and Regina City Council. It also has the blessing of the province’s superintendent of pensions, who has given the green light to the plan changes.

Good progress has been made to date, but Kirby Benning, PBC Chair, says “there’s so many little things that have to be done, and we’re just running out of time for the end of June.

A Sponsorship Agreement, Trust Agreement, Plan Text and other documents have been drafted and are being closely reviewed by the PBC and Employer Sponsors, which includes the City of Regina, EPCOR, and four other employers.

A city administrative report to City Council notes most of the work is done, but further work is needed on governance restructuring, an actuarial valuation and communication of plan changes to those affected. The whole package will also need to be formally ratified by the PBC and employer groups.