Tuesday, Oct. 21, 2014
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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
Tuesday, October 21, 2014
HILL LIFE & PEOPLE SLIDESHOWS
Earnscliffe's 25th anniversary shindig in Ottawa: Oct. 15, 2014 Oct. 20, 2014

The Hill Times photograph by Jake Wright
The crowd at Earnscliffe's 25th anniversary party on Oct. 15 at its Chambers Building office in Ottawa. About 250 people came out to the party.
The Hill Times photograph by Jake Wright
Labour Minister Kellie Leitch and CTV's Power Play host Don Martin.
The Hill Times photograph by Jake Wright
Dan Rogers and Craig Robinson.
The Hill Times photograph by Jake Wright
Jim Patrick and Bernard Lord.
The Hill Times photograph by Jake Wright
Hugh Winsor and CTV's Power Play host Don Martin.
The Hill Times photograph by Jake Wright
William Stairs.
The Hill Times photograph by Jake Wright
Former prime minister Joe Clark.
The Hill Times photograph by Jake Wright
Hugh Segal, Harry Near, and Michael Robinson.
The Hill Times photograph by Jake Wright
Hugh Segal and Harry Near regaled the crowd with some colourful speeches.
The Hill Times photograph by Jake Wright
The crowd.
The Hill Times photograph by Jake Wright
Bloomberg's Theo Argitis and Earnscliffe's Robin Sears chat inside Mr. Sears' office.
The Hill Times photograph by Jake Wright
It was a standing-room-only kind of an affair, with some guests standing in the stairway to hear the speeches upstairs.
The Hill Times photograph by Jake Wright
Pollster Bruce Anderson who used to work at Earnscliffe at one time.
The Hill Times photograph by Jake Wright
Earnscliffe's Peter Harris, left, Hill & Knowlton's Elizabeth Roscoe, centre.
The Hill Times photograph by Jake Wright
Bruce Young, head of Earnscliffe's B.C. office, talks about how the West Coast office of the firm came to be.
The Hill Times photograph by Jake Wright
Kaveri Braid leads the Saskatchewan office.
The Hill Times photograph by Jake Wright
Earnscliffe's principal in Ottawa, Daniel Bernier.
The Hill Times photograph by Jake Wright
Bill Fox, one of the founders of Earnscliffe along with Harry Near and Hugh Segal, chats up the crowd.
The Hill Times photograph by Jake Wright
The Wall Street Journal's Paul Vieira.
The Hill Times photograph by Jake Wright
CIBC's director of government relations Michel Liboiron.
The Hill Times photograph by Jake Wright
NDP national director Anne McGrath.
The Hill Times photograph by Jake Wright
Earnscliffe's Michael Robinson and his children, Katie Robinson and Craig Robinson.
The Hill Times photograph by Jake Wright
Tom Clark, host of Global TV's The West Block.
The Hill Times photograph by Jake Wright
Earnscliffe principal Velma McColl shares memories from her more than 10 years with Earnscliffe.

MICHAEL DE ADDER'S TAKE