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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
Sunday, September 21, 2014
HILL LIFE & PEOPLE SLIDESHOWS
Lobbyists, MPs get in on the ice bucket challenge for ALS Sept. 3, 2014

Photo courtesy Summa Strategies
The team at Summa Strategies took the ice bucket challenge last week at the Parliament Pub. Summa challenged board members from the Government Relations Institute of Canada (GRIC) to take it next. From left: intern John McHughan, vice-chairman Tim Powers, senior adviser Louis-Alexandre Lanthier, consultant Kate Harrison, vice-president Jim Armour, vice-president Robin MacLachlan, president Tracey Hubley, senior adviser Michele Austin, and consultant Angela Christiano.
The Hill Times photograph by Jake Wright
The Government Relations Institute of Canada board members take the ice bucket challenge.
The Hill Times photograph by Jake Wright
GRIC directors feel the chill.
The Hill Times photograph by Jake Wright
From left: GRIC president Andre Albinati, secretary Joanne Dobson, board members Kevin Desjardins and Alayne Crawford, treasurer Phil Cartwright, and board members Alex Maheu and Jason Kerr.
Photograph provided Hill and Knowlton Strategies
Health Minister Rona Ambrose gets in on the ice bucket challenge.
Photograph courtesy Hill and Knowlton Strategies
NDP Leader Tom Mulcair.
Photograph courtesy Hill and Knowlton Strategies
Liberal Leader Justin Trudeau.

MICHAEL DE ADDER'S TAKE