The City of Regina and the Pension & Benefits Committee, which represents 21 employee groups, say a negotiated agreement has been reached on the sustainability of the Civic Pension Plan.
The agreement would see a structured series of temporary contribution rate increases and benefit reductions put in place if the plan ever sees a substantial shortfall in the future.
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Contribution rates for both sides would be lower, and a new, simplified governance structure would be put in place.
The plan employers and the employees’ group have been working to come to an agreement since last year when the Superintendent of Pensions declared a joint letter of intent (LOI) insufficient.
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“Both sides had to make concessions for this to work, and I’m glad we were able to meet in the middle and come to an agreement that respects and completes the work of the LOI,” says Kirby Benning, chair of the Pension & Benefits Committee.
A new joint proposal will be drafted and sent to the superintendent. City Council will be asked to endorse the agreement-in-principle at its meeting on Monday. The superintendent will then have to give clear direction before the end of the year on whether or not this submission will be accepted.