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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, August 28, 2014
HILL LIFE & PEOPLE SLIDESHOWS
Remembering Devon Jacobs Aug. 19, 2014

The Hill Times photo by Jake Wright

Devon Jacobs, right, with Monte Solberg and Jim Armour at the 2012 Manning Networking Conference.

The Hill Times photograph by Jake Wright

Devon Jacobs with Liberal MP Scott Simms.

The Hill Times photograph by Jake Wright

Devon Jacobs with former colleague Jim Patrick, Liberal Leader Justin Trudeau and Liberal MP Mauril Belanger at the 2013 all-party party.

The Hill Times photograph by Jake Wright

Devon Jacobs, centre, with Conservative MPs (from left) Susan Truppe, Colin Carrie, Ted Opitz, Lynne Yelich and Eve Adams.

MICHAEL DE ADDER'S TAKE