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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, July 12, 2015
HILL LIFE & PEOPLE SLIDESHOWS
Politicians, Candidates come out for Toronto Pride Parade, June 28, 2015 June 29, 2015

Photo courtesy of Twitter

On Sunday, Toronto didn't have to wait for the rain to stop for the rainbows to appear, or the politicians. Pictured here, federal and Ontario Liberal leaders Justin Trudeau and Kathleen Wynne, joined by MPs Chrystia Freeland, Carolyn Bennett, and Bob Rae. Candidates Bill Morneau, Salma Zahid, and Bill Blair were there, too.

Photo courtesy of Twitter

NDP Leader Tom Mulcair, really playing up the beard thing at this year's pride.

Photo courtesy of Twitter

Green Party Leader Elizabeth May alongside candidates Gord Miller, Mike Schreiner, and deputy leader of the Green Party of Ontario, Mark Daye.

Photo courtesy of Twitter

A first this year was a Conservative contingent actually walking in the parade. They were calling themselves the LGTBTories. Among them were MP Bernard Trottier, candidate for Toronto-Centre Julian Di Battista, and Status of Women and Labour Minister Kellie Leitch.

Photo courtesy of Twitter

NDP Toronto MPs Matthew Kellway and Craig Scott, with Ontario NDP Leader Andrea Horwath and candidate for Toronto-Centre Linda McQuaig.

Photo courtesy of Twitter

Liberal MP Carolyn Bennett carrying the banner with the Women's College Hospital in the parade.

Photo courtesy of Twitter

In an appearance that has sparked some backlash among social-conservative Conservatives, MPPs Jack MacLaren and Lisa MacLeod marched alongside Ontario Progressive Conservative Party Leader Patrick Brown.

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