The City of Regina and the group representing its employees have reached an agreement on the future of the troubled civic pension plan.
In a news release, the city says the two sides have agreed on fundamental changes to the plan, which is over $290 million in deficit.
The deal calls for a structured series of temporary contribution rate increases and benefit reductions if the plan sees a substantial shortfall in the future.
The city says contribution rates for both sides would be lower, and a new, simplified governance structure would be put in place.
In July, Saskatchewan’s superintendent of pensions gave the two sides until the end of the year to reach a deal to avoid cancellation of the plan.
The city says it is confident the changes in the joint proposal will satisfy the superintendent of pensions.
City council is scheduled to vote on the agreement at next Monday’s meeting.
