REGINA – Monday night over 150 people attended a town hall to learn about the recently submitted joint proposal to amend the Regina Civic Employee’s Superannuation and Benefit Plan (the plan). The presentation is available here.
During the evening, one point was discussed repeatedly: the need for you to continue to participate in our campaign to save our defined benefit plan. Though the Employee and the Employer Sponsors believe we have amended the plan to address all of the Superintendent’s concerns and bring the plan into compliance with the Pension and Benefits Act, we still need the approval of Cabinet in order to implement the amendments. We need to ensure that we have the government’s support, and your help is needed to achieve this.
Please take a moment to visit Regina Civic Pension Plan - Honour Our Deal’s website and send a letter to the Minister of Justice (responsible for pensions), Regina MLAs and the Superintendent. This letter will be posted on the FCAA website and will help to gain the support of our government.
We also ask that you contact your MLA to discuss the request we have made for permanent solvency exemption and an extension to the amortization period for our going concern deficit. Solvency exemptions have been provided to all other defined benefit plans in the province. Other plans have been listed as “specified plans,” and we need Cabinet’s approval to add our plan to this list. Cabinet’s approval for an extension to our going concern deficit is also needed in order for us to pay our current deficit over a 20 year period rather than a 15 year period. Once we receive Cabinet’s approval, we will be able to implement the amendments to the plan, and the plan will be in compliance with the Act.