Saturday, April 25, 2015
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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
Saturday, April 25, 2015
HILL LIFE & PEOPLE SLIDESHOWS
Vickers honoured at Douglas C. Frith dinner April 2, 2015

The Hill Times photograph by Jake Wright
The Château Laurier Ballroom was packed on Tuesday, March 31 for the Canadian Association of Former Parliamentarians dinner.
The Hill Times photograph by Jake Wright
The evening began with RCMP Cpl. Craig Kennedy's rendition of O Canada.
The Hill Times photograph by Jake Wright
Ambassador to Ireland Kevin Vickers was recognized as an honorary member of CAFP for his heroism as the Sergeant at Arms during the Oct. 22 shooting.
The Hill Times photograph by Jake Wright
Peter O'Brian, Liberal MP Carolyn Bennett and Steve Paikin.
The Hill Times photograph by Jake Wright
Rob Nicholson and former Liberal MP Sue Barnes.
The Hill Times photograph by Jake Wright
Conservative MP Dean Allison.
The Hill Times photograph by Jake Wright
Kevin Vickers and Conservative MP Ray Boughen.
The Hill Times photograph by Jake Wright
International Union of Operating Engineers' Steven Schumann and Canadian Labour's Nathan Rotman.
The Hill Times photograph by Jake Wright
House Deputy Speaker Joe Comartin.
The Hill Times photograph by Jake Wright
Mary Dawson, Senator David Smith, and Sharon Sholzberg-Gray.
The Hill Times photograph by Jake Wright
Senator Art Eggleton and Conservative MP Earl Dreeshen.
The Hill Times photograph by Jake Wright
Independent MP Brent Rathgeber in conversation with TVO's Steve Paikin.
The Hill Times photograph by Jake Wright
Andrew Cardozo, Pearson Centre president.
The Hill Times photograph by Jake Wright
Conservative MP Jay Aspin and Kevin Vickers.
The Hill Times photograph by Jake Wright
Lobbyist Leo Duguay.
The Hill Times photograph by Jake Wright
TVO host and author Steve Paikin gave an impassioned speech on what he's learned about the allure of public life.

MICHAEL DE ADDER'S TAKE