Monday, July 27, 2015
SUBSCRIBE | LOG IN
Sign up for the free daily email

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.

To View the rest of this article, please choose one of the following

If you are already a subscriber

Subscribe to The Hill Times

Subscribe to the print and electronic editions and get instant access to The Hill Times online.


Quick Purchase

Purchase this weeks' edition of The Hill Times in electronic format (PDF) for $4.00



back to article Public Sector Pension Plan has $4.4-billion deficit, feds contributing extra half-billion a year to fix it
Editor’s Note: Comments that appear on the site are not the opinion of The Hill Times. Personal attacks, name-calling, offensive language, and unsubstantiated allegations are not allowed.
For more information on our commenting policies, please see our Community Discussion Rules page. If you see a typo or error in a story, report it to us here news@hilltimes.com.

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
World Press Photo 15 exhibit premiere at the Canadian War Museum, July 22 July 24, 2015

The Hill Times photograph by Jake Wright
A woman takes in the third prize for contemporary issues single photos by Italian photographer Fulvio Bugani. His series is called 'Waria: Being a Different Muslim.'
The Hill Times photograph by Jake Wright
Cees Cole, Netherlands ambassador to Canada.
The Hill Times photograph by Jake Wright
Mark O’Neill, president and CEO at the Canadian War and History museums.
The Hill Times photograph by Jake Wright
World Press Photo representative Noortje Gorter.
The Hill Times photograph by Jake Wright
Photographer Chris Roussakis, Hill Times reporter Rachel Aiello, photographer Cynthia Münster and Hill Times online editor Bea Vongdouangchanh.
The Hill Times photograph by Jake Wright
The music from these two string musicians flowed through the gallery all evening.
The Hill Times photograph by Jake Wright
Jeanine DeVos taking in the exhibit.
The Hill Times photograph by Jake Wright
Mark O’Neill, president and CEO at the Canadian War and History museums, with Silvie Morel.
The Hill Times photograph by Jake Wright
Cynthia and Yves Bled.

MICHAEL DE ADDER'S TAKE



Assembly of First Nations’ list of influential ridings among aboriginal population Top 51 ridings indigenous voters can influence the vote Assembly of First Nations’ list of influential ridings among aboriginal population
Incumbent MPs not running in Election 2015 Election 2015: MPs not running Incumbent MPs not running in Election 2015
Duffy trial starts April 7: A Hill Times primer Mike Duffy Trial primer Duffy trial starts April 7: A Hill Times primer
Nominated Federal Candidates for 2015 Election So Far Federal Election 2015 Nominated Federal Candidates for 2015 Election So Far
Construction unearths Parliament Hill’s past Parliament Hill Construction unearths Parliament Hill’s past
Mike Duffy trial court exhibits Mike Duffy Trial - Court Exhibits Mike Duffy trial court exhibits