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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
Thursday, September 3, 2015
HILL LIFE & PEOPLE SLIDESHOWS
Election 2015: Prime Minister Stephen Harper's rally in Ottawa Aug. 31, 2015

The Hill Times photograph by Jake Wright
Prime Minister Stephen Harper talks about the Conservative Party's low-tax, balanced budget plan for the economy at a rally in Ottawa on Aug. 31.
The Hill Times photograph by Jake Wright
Prime Minister Stephen Harper talks about the Conservative Party's low-tax, balanced budget plan for the economy at a rally in Ottawa on Aug. 31.
The Hill Times photograph by Jake Wright
Conservative Party campaign director of communications Kory Teneycke.
The Hill Times photograph by Jake Wright
Sun Media's David Akin and the Conservatives' Jeremy Hunt say hi to Conservative supporters.
The Hill Times photograph by Jake Wright
Conservative candidate Royal Galipeau, running for re-election in Orleans, Ont.
The Hill Times photograph by Jake Wright
Ottawa-area Conservative candidates have a laugh.
The Hill Times photograph by Jake Wright
Conservative Party supporter.
The Hill Times photograph by Jake Wright
Conservative candidate Damian Konstantinakos, running in Ottawa Centre, Ont.
The Hill Times photograph by Jake Wright
Prime Minister Stephen Harper greets supporters.
The Hill Times photograph by Jake Wright
Prime Minister Stephen Harper speaks to Conservative Party supporters.
The Hill Times photograph by Jake Wright
Prime Minister Stephen Harper talks about the Conservative Party's low-tax, balanced budget plan for the economy at a rally in Ottawa on Aug. 31.
The Hill Times photograph by Jake Wright
Conservative Party staffer Colin McSweeney.

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