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

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 Buffalo Pound Water Administration Board Regina Board of 1% Education 15% City of Regina 42% Regina Qu'Appelle Regional Health Authority 37% Regina Public Library Board 5% Regina Civic Employees’ Superannuation & Benefit Plan

Member Demographics Member Demographics Retired Members & Survivors 38% Active Members 59% Inactive Members 3% Regina Civic Employees’ Superannuation & Benefit Plan

Funded Status 20-Year Assets & Liabilities Assets Unfunded Liability Assets Liabilities 1,400,000 1,200,000 1,000,000 Millions $ 800,000 600,000 400,000 200,000 0 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 Regina Civic Employees’ Superannuation & Benefit Plan

Contributions • Current total combined contribution rate: 20.7% • Required combined contribution rate: 38.2% Required Contribution Rates Current Rate 31-Dec-09 31-Dec-10 30% 25.11% 25% 18.34% 20% 16.95% 13.96% 15% 12.38% 9.42% 10% 5% 0% Up to YMPE Regina Civic Employees’ Superannuation & Benefit Plan