Wednesday, Oct. 1, 2014
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Public Sector Pension Plan has $4.4-billion deficit, feds contributing extra half-billion a year to fix it

The government expects it will take as long as 13 years of $435-million annual payments to get the deficit off its books. The first payment was made this March, and payments are scheduled to continue until 2026.

Photograph by Jake Wright, The Hill Times
Treasury Board President Tony Clement, pictured with Treasury Board deputy minister Yaprak Baltacıoglu, is responsible for federal public servants’ pension funds, while Public Works and Government Services Canada, helmed by Minister Rona Ambrose, is responsible for the day-to-day administration of the plan for members.

This spring the government made its first extra half-billion dollar payment into public servants’ pension fund to start to pay off a $4.4-billion deficit caused by the financial crisis and pressure as retirees are living longer.

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Public Sector Pension Plan has $4.4-billion deficit, feds contributing extra half-billion a year to fix it

The government expects it will take as long as 13 years of $435-million annual payments to get the deficit off its books. The first payment was made this March, and payments are scheduled to continue until 2026.

Photograph by Jake Wright, The Hill Times
Treasury Board President Tony Clement, pictured with Treasury Board deputy minister Yaprak Baltacıoglu, is responsible for federal public servants’ pension funds, while Public Works and Government Services Canada, helmed by Minister Rona Ambrose, is responsible for the day-to-day administration of the plan for members.

This spring the government made its first extra half-billion dollar payment into public servants’ pension fund to start to pay off a $4.4-billion deficit caused by the financial crisis and pressure as retirees are living longer.

  

Parliamentary Calendar
Wednesday, December 31, 1969
HILL LIFE & PEOPLE SLIDESHOWS
Chantal Hébert's Morning After book launch at Métropolitain Brasserie in Ottawa: Sept. 24 Sept. 30, 2014

The Hill Times photograph by Jake Wright
Official Languages Commissioner Graham Fraser, a former Toronto Star Hill journalist, and Jim Armour, vice-president at Summa Strategies, a former Conservative and Reform Party staffer.
The Hill Times photograph by Jake Wright
Chantal Hébert, national affairs columnist for The Toronto Star and author of The Morning After: The 1995 Quebec Referendum and The Day That Almost Was. Ms. Hébert launched her book on Sept. 24 in Ottawa at the Métropolitain Brasserie where plenty of political players turned up from the Hill.
The Hill Times photograph by Jake Wright
Jean-Pierre Kingsley, Canada's former chief electoral officer, and Quebec Liberal Senator Dennis Dawson.
The Hill Times photograph by Jake Wright
Bruce Anderson, a partner at i2 Ideas & Issues Advertising, who hosted the book launch. Mr. Anderson is a panellist on CBC's At Issue along with Ms. Hébert and Andrew Coyne.
The Hill Times photograph by Jake Wright
Kate Purchase, communications director for Liberal Leader Justin Trudeau.
The Hill Times photograph by Jake Wright
Quebec Liberal Sen. Dennis Dawson, Jim Patrick of Shaw Communications, and Global TV's Tom Clark.
The Hill Times photograph by Jake Wright
Official Languages Commissioner Graham Fraser and Bruce Anderson of i2 Ideas & Issues Advertising.
The Hill Times photograph by Jake Wright
Patrick Kennedy, director of government relations for CF Industries, flips through a copy of Chantal Hébert's book, The Morning After: The 1995 Quebec Referendum and The Day That Almost Was.
The Hill Times photograph by Jake Wright
Jim Armour, vice-president at Summa Strategies, is the happy new owner of The Morning After.
The Hill Times photograph by Jake Wright
Chantal Hébert and former Conservative MP Ted Menzies.
The Hill Times photograph by Jake Wright
Journalist Daniel L'Heureux, Mylène Dupere, communications director for Liberal Leader Justin Trudeau, and Jean Lapierre, who helped Ms. Hébert write the book. Mr. Lapierre is also a former Bloc Québécois MP who later joined Paul Martin's Liberals and was a federal Cabinet minister. Today, he's a pundit.
The Hill Times photograph by Jake Wright
Leslie Swartman, director of public affairs at MDA Information Systems, and former Liberal Cabinet minister Jean Lapierre. Ms. Swartman used to work for Mr. Lapierre when he was in the Paul Martin Cabinet.
The Hill Times photograph by Jake Wright
Anne Marie Creskey, publisher of The Hill Times, and Hill Times reporter Rachel Aiello.
The Hill Times photograph by Jake Wright
Former Conservative MP Ted Menzies and Global TV's Tom Clark.
The Hill Times photograph by Jake Wright
Bruce Anderson and Chantal Hébert.
The Hill Times photograph by Jake Wright
Michel Liboiron, director of government relations at CIBC, and Postmedia News reporter and columnist Stephen Maher.

MICHAEL DE ADDER'S TAKE