“This has been a long time coming,” said Kirby Benning, chair of the Pension and Benefits Committee. “Plan members will finally have peace of mind regarding their retirement security.”
In December of 2014, the City of Regina and the Pension and Benefits Committee reached a negotiated agreement on the Civic Employees’ Benefit and Superannuation Plan, which protects the defined benefit nature of the plan and honours the original signed letter of intent.
“We are thankful that the government is moving forward quickly with the recommendations of the Superintendant,” added Benning. “We will continue to work hand in hand with the City to implement the plan.”
The Regina Civic Pension Plan has provided defined benefit pensions for city workers since 1958. There are 4,000 active members and more than 2,000 pensioners in the plan. The Regina Civic Pension Plan covers 21 employee groups and five employers – the City of Regina, some Regina Qu’Appelle Health Region employees at the Regina General Hospital, non-teaching staff at the Regina Public School Division, the Buffalo Pound Water Administration Board and the Regina Public Library.