Alberta introduces pension reform legislation

Doug Horner, the province’s finance minister, has said the changes are necessary to keep the pensions sustainable and make up for a more than $7.4-billion unfunded liability.

The changes include a reduction in early retirement subsidies instead of eliminating them; targeting the cost of living adjustment at 60% of Alberta inflation, up from 50%; and a contribution rate cap on post-2015 benefits instead of all benefits.

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