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OC 598/2015 - The Pension Benefits (Saskatoon Fire and Saskatoon Police) Amendment Regulations, 2015 (Minister of Justice and Attorney General)

Title: The Pension Benefits (Saskatoon Fire and Saskatoon Police) Amendment Regulations, 2015

Minister: Minister of Justice and Attorney General

Summary: On January 1, 2016, these regulations will amend RRS P-6.001 Reg 1 to:

  • Set out new funding rules for The Retirement Plan for Employees of Saskatoon Board of Police Commissioners (the “Old Police Plan”) and The City of Saskatoon Fire and Protective Services Department Superannuation Plan (the “Old Fire Fighters’ Plan”), including:
    • Providing a 40-year period for the amortization of certain unfunded liabilities;
    • Prohibiting benefit improvements until certain conditions are met; and
    • Restricting any reduction in initial contribution rates until the deficit established in the December 31, 2015 actuarial valuation report has been eliminated; and
  • Make the following designations with respect to the new Saskatoon Police Pension Plan (the “New Police Plan”) and the new Saskatoon Fire Fighters’ Pension Plan (the “New Fire Fighters’ Plan”):
    • Designate the plans as specified plans subject to special funding rules; and
    • Designate the plans as prescribed plans for which the employer’s liability is limited as set out in subsection 40(5) of The Pension Benefits Act, 1992 (the “Act”).

See: The Pension Benefits Act, 1992, section 69

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