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Another change is that members could previously retire with 25 years of service regardless of their age without penalty. But now, they have to wait until their age and years of service add up to 80.
Bray said this penalty will help retain members, Lv Loafers Women
According to the plan's actuary Aon Hewitt, assets in 2012 were valued at $241.4 million and liabilities at $303.7 million resulting in the $62.3 million "going concern" shortfall.
Besides the RPA, the target benefit plan includes the Regina Senior Officer's Association and outof scope employees.
RPS announces new pension plan
Contribution rates are being lowered to an annual average rate of 8.5 per cent; the employer was paying an average of 12.4 per cent and employees 11.9 per cent under the old plan. The 3.9 per cent employer rate difference will go toward Palladium Price Boots
Although benefits could be affected with a sharp, sudden downturn in the market, the plan has a better financial buffer in place than before, with the liability being transferred to the employer, said Bray.
The liability will appear on the RPS budget through the board and be paid off over 40 years. in part, with employer savings from a new lower contribution rate.
Bray said that throughout the process, members had questions that were mainly clarifications about the deal.
Staff Sgt. Evan Bray, president of the Regina Police Association (RPA), said it took four years for the sides to reach an agreement.
Members who retire before reaching the sum of 80 are penalized five per cent of their pension annually until they do so.
There were also members who weren't happy with the change, and Bray admitted he isn't 100 per cent happy. But the deal involved "give and take" on both sides during negotiations.
"Very confident we've done the right thing for the plan, for the members and for the City of Regina," Bray said at Tuesday's announcement at the RPS headquarters.
In an effort to deal with its pension shortfall, the Regina Police Service is switching to a target benefit plan for new and current members beginning July 1. As part of the arrangement, the City of Ralph Lauren Trainers Size 5 Regina, which funds the RPS, will assume $62.3 million in unfunded liability, according to Mayor Michael Fougere, who is also chair of the Board of Police Polo Ralph Lauren Shoes High Top
who in turn contribute to the pension plan longer. As of Dec. 31, 2012, enrolment in the Regina Police Pension Plan was 1,013 members. Of the members, 553 were currently working for the RPS, 13 were inactive and not making contributions but still entitled to benefits and 447 were retired and receiving benefits.
paying off the liability.
Unlike the previous defined benefit plan, where contribution rates could adjust to meet benefit fluctuations, a target benefit plan has fixed contribution rates and benefits are liable to adjust to changes in the market.
"Would we have liked to have kept the old plan? We probably would have loved to have kept it. But it wasn't sustainable.
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