Released on March 11, 2015
The Deputy Superintendent of Pensions for the Financial and Consumer Affairs Authority (FCAA) has decided not to cancel the registration of the City of Regina Pension Plan.“This is a good result for everyone involved,” FCAA Deputy Superintendent of Pensions Leah Fichter said. “Neither pensions for active plan members nor for retirees will be reduced. I would like to thank the City of Regina and the Civic Pension and Benefits Committee for negotiating changes to the plan to address the funding problems.”
On July 17, 2014, the Deputy Superintendent notified stakeholders that she was considering cancelling the registration of the plan because it was not in compliance with The Pension Benefits Act.
In December 2014, the City of Regina and the Regina Civic Pension and Benefits Committee jointly submitted a proposal to change the pension plan. The proposal required changes to pension regulations in order to be implemented.
Today’s decision not to cancel the plan’s registration comes after the government’s announcement to proceed with amendments to pension regulations. The changes to the regulations, combined with the negotiated changes to the plan, will bring the plan into compliance with the Act.
The Deputy Superintendent’s written decision will be released shortly. For more information about the City of Regina Pension Plan visit http://fcaa.gov.sk.ca/reginapension.
-30-
For more information, contact:
Shannon McMillan
Financial and Consumer Affairs Authority
Regina
Phone: 306-798-4160
Email: shannon.mcmillan@gov.sk.ca