Regina city council has voted unanimously in favor of a proposal to keep the deficit-addled civic pension plan afloat.
The agreement reached between the employer and employee groups still must clear a couple hurdles before it's finalized.
The joint proposal includes implementing a new governance structure by July 1, 2015.
Employees would be responsible for 40 percent of the estimated $290-million deficit, while the city and other employer groups would have 20 years to pay the remaining 60 per cent.
The package will now go to the civic pension and benefits committee for a vote on Wednesday.
The proposal must also be approved by the provincial Superintendant of Pensions, who has said the plan could be cancelled if a deal isn’t reached between the two sides.
