Hundreds of workers attended a town hall meeting on Monday to learn how they can defend the Regina Civic Employees’ Pension Plan.
Workers and retirees have been worried ever since they received news in July that the City of Regina was walking away from a deal it signed with workers, and the Superintendent of Pensions was considering cancelling the pension plan.
On Monday, they were given the opportunity to ask questions and learn about the steps we can take to protect the plan.
It is imperative that workers stand together to take action to combat the threats to the pension plan.
On September 3, the City of Regina officially walked away from a pension deal it signed with employees jointly just over a year ago. The City of Regina submitted its own pension proposal to the Superintendent of Pensions – a proposal that is significantly different from the deal it signed with employee groups just a year ago.
The City has proposed a fixed contribution rate, which means there is no guarantee for an adequate pension. Instead, the pension income would fluctuate as the market fluctuates. You may think you will be getting $1,500 a month for your retirement (which is the average monthly income for workers in this plan), but there is no guarantee.
Protecting the defined benefit nature of the pension is an important fight for all workers. The most important thing each of us can do is stand up and take political action.
The member-side Pension and Benefits Committee will be submitting our own proposal based on the signed Letter of Intent. We are committed to doing our part to ensure that this plan is not cancelled and that both current and future plan members have access to a secure retirement. But we also need each of you to take action.
Please take a moment to send the Minister of Justice and City Council an email.
The Superintendent of Pensions is accepting comments on the plan until November 30, 2014. You can download the letter writing guide.