January 2016

January 2016

Pensions – Saskatoon Police and Fire Pension Plans Regulations

January 5, 2016 - The government has amended The Pension Benefits Regulations, 1993 to introduce new funding rules for The City of Saskatoon Fire and Protective Services Department Superannuation Plan (the “Old Fire Fighters’ Plan”) and The Retirement Plan for Employees of Saskatoon Board of Police Commissioners (the “Old Police Plan”).

The City of Saskatoon and the Saskatoon Professional Fire Fighters Union, Local 80 have agreed to freeze the Old Fire Fighters’ Plan effective December 31, 2015 and to establish a new target benefit plan for future pension accruals for all new and existing plan members.  The amended regulations will allow the City of Saskatoon an extended period of time over which the unfunded liability in the Old Fire Fighters’ Plan must be amortized.

The Saskatoon Board of Police Commissioners and the Saskatoon Police Association have agreed to freeze the Old Police Plan effective December 31, 2015 and to establish a new target benefit plan for future pension accruals for all new and existing plan members.  The amended regulations will allow the Saskatoon Board of Police Commissioners an extended period of time over which the unfunded liability in the Old Police Plan must be amortized.

For more information, please contact:

Pensions Division
Financial and Consumer Affairs Authority of Saskatchewan
Suite 601, 1919 Saskatchewan Drive
Regina, Saskatchewan S4P 4H2
Phone:  (306) 787-7650
Fax:  (306) 798-4425

• The Pension Benefit Saskatoon Fire and Saskatoon Police Amendment OC 598