Regina - Groups representing both in-scope and out-of-scope employees in the Regina Civic Pension Plan want their employers to get work to protect their pension plan, not gut it.
“The City of Regina should be acting on the actuary’s recommendation to raise the contribution rates, while changes are negotiated to secure the plan’s future,” says Kirby Benning, Chair of the Regina Civic Pension and Benefits Committee.
“Instead, the City Manager and employers are ignoring the actuary’s recommendation and blocking our efforts to obtain a second actuarial opinion about the plan’s health,” he says. The employee groups in the plan are confident a second opinion will show the plan’s funding position is in much better shape than the employers’ claim.
Groups representing employees in the Regina Civic Pension Plan demonstrated their commitment to the plan last December, when they voted 80 per cent in support of accepting the contribution rate increase. They expected the employers to do the same.
But the employers still have not ratified the increase and the additional funds the actuary said are required to keep the plan healthy have not been paid.
The Regina Civic Pension Plan is a defined benefit plan that covers 3,900 members working for five major employers: the City of Regina, the Regina Public School Board, the Regina General Hospital, the Regina Public Library and the Buffalo Pound Water Treatment Plant. There are 21 employee groups representing plan members.