Regina Civic Employees Superannuation & Benefit Plan Background - - PowerPoint PPT Presentation

Regina Civic Employees’ Superannuation & Benefit Plan

Regina Civic Employees’ Superannuation & Benefit Plan

Background

• Defined benefit pension plan
• Established July 1, 1958
• Schedule “A” of City of Regina Bylaw No. 3125
• Multi-employer plan representing employees from the

following five employers

– the City of Regina (excluding the Regina Police Service); – the Regina Qu'Appelle Regional Health Authority; – the Board of Education of Regina (Division No. 4 of Regina

• non-teaching

– staff); – the Regina Public Library Board; and – the Buffalo Pound Water Administration Board

Regina Civic Employees’ Superannuation & Benefit Plan

Governance

• .
• Jointly governed
• 12 Voting members

– 6 appointed by the employers – 6 appointed by the employee

• Employee members are elected at the AGM

– 3 in even numbered years – 3 in odd numbered years

• Employer members

– 2 appointed by the City Manager – 4 appointed by City Council including 1 from Regina Qu’Appelle Health District

• Board Chair & Vice Chair alternate annually between

employer & employee members

Regina Civic Employees’ Superannuation & Benefit Plan

Benefits

• Normal retirement at age 65;
• Lifetime Accrual Rate

– Below YMPE: 1.35% – Above YMPE: 2.00%

• Average of the highest 3 consecutive years of pensionable

earnings (includes overtime)

• Indexed at ½ Consumer Price Index (Canada) year over

year to a maximum of 4.25% in any one year

• Pensions vest after two years of continuous service

Regina Civic Employees’ Superannuation & Benefit Plan

Bridge Benefit

• Unreduced early retirement;

– Age 55 when age plus pensionable service total 80 years or more; or – After 35 years of pensionable service, regardless of age

• Bridge benefit of 0.65% up to the YMPE
• payable to age 65
• Average of the highest 3 consecutive years of pensionable

earnings

Regina Civic Employees’ Superannuation & Benefit Plan

Active Members by Employer

Active Members by Employer

City of Regina 42% Regina Public Library Board 5% Regina Qu'Appelle Regional Health Authority 37% Regina Board of Education 15% Buffalo Pound Water Administration Board 1%

Regina Civic Employees’ Superannuation & Benefit Plan

Member Demographics

Member Demographics

Active Members 59% Inactive Members 3% Retired Members & Survivors 38%

Regina Civic Employees’ Superannuation & Benefit Plan

20-Year Assets & Liabilities

200,000 400,000 600,000 800,000 1,000,000 1,200,000 1,400,000 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 Millions $ Assets Unfunded Liability Assets Liabilities

Funded Status

Regina Civic Employees’ Superannuation & Benefit Plan

Contributions

• Current total combined contribution rate: 20.7%
• Required combined contribution rate: 38.2%

Required Contribution Rates

9.42% 12.38% 16.95% 25.11% 13.96% 18.34% 0% 5% 10% 15% 20% 25% 30% Up to YMPE Current Rate 31-Dec-09 31-Dec-10