Civic pension deal endorsed by Regina City Council

Members of city council in Regina have endorsed a proposed settlement regarding the civic pension plan.

The plan has a deficit of over $225 million, according to officials. According to the most recent annual report the plan has roughly 7,000 members, of whom 4,000 are working and contributing to the plan and another 3,000 who are retired.

Negotiations to determine how to deal with the deficit led to a tentative agreement, announced last Friday.

During a special meeting of city council on Monday all council members endorsed the proposed changes, including Regina Mayor Michael Fougere.

"[I'm] very pleased we have unanimous consent of council to move forward with an agreement that will, we hope, if the superintendent agrees, will make the fund sustainable in the future," Fougere said. The superintendent, an office of the province's financial and consumer affairs authority, was waiting for plan administrators to come up with a new funding arrangement. In July, the superintendent threatened to have the plan terminated if nothing happened.

The proposed deal would see the city's portion of contributions to the plan amount to around $65 million over 20 years.

Fougere noted the precise price-tag will depend upon the latest valuation of the plan. Those figures are usually prepared at the end of the year.

The pension deal must also be ratified by employee groups.

One member of the plan, library worker Janet Craig, said she is relieved the pension plan will continue.

"You always know that anything you've contributed will still be there," Craig said. "I knew they could reach an agreement."