Staff
Regina’s city council voted unanimously in favour of a proposal to eliminate the Civic Pension Plan’s deficit on Monday.
Under the proposed deal, employees would have to pay 40% of the plan’s estimated $240-million deficit. The city and other employer groups would have to pay the remaining 60% over a 20-year period.
Also a new, simplified governance structure is scheduled to be implemented by July 1, 2015.
Read: Regina pension negotiations successful
However, the agreement still has two more hurdles to clear.
It needs to be approved by the civic pension and benefits committee. A vote is scheduled for Wednesday.
And the proposal also needs the blessing from Saskatchewan’s superintendent of pensions.
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