As a defined benefit pension plan, the Regina Civic Employees' Superannuation & Benefit Plan provides eligible members with a retirement income based on a formula that takes into account the member's earning history and length of service in the Plan.
Some of the benefits of belonging to the Plan include:
- a lifetime monthly pension based on the average of your highest consecutive
years of pensionable earnings and years of pensionable service;
- early retirement options;
- bridge benefit payable from early retirement up to age 65;
- Cost of Living Adjustments (COLA) to pension payments on any service up to and
including December 31, 2015;
- termination benefits; and
- survivor benefits.
The Plan is a multi-employer plan representing employees from the following seven employers:
- the City of Regina (excluding the Regina Police Service);
- the Regina Qu'Appelle Regional Health Authority;
- the Board of Education of Regina (Division No. 4 of Regina - non-teaching
- the Regina Public Library Board;
- the Buffalo Pound Water Administration Board;
- EPCOR; and
- Möbius Benefit Administrators Inc.
Plan membership includes active members who are still working and contributing to the Plan, inactive members who are no longer contributing to the Plan but are entitled to receive benefits upon retirement, and retired members and survivors who are currently receiving a pension.
Plan Membership at December 31, 2015:
Assets of the Plan are actively managed in accordance with the Statement of Investment Policies and Procedures.
Asset Class Allocation at December 31, 2015:
The Plan is governed by a Board of Trustees made up of 12 voting members: two employer representatives appointed by the City Manager, four employer representatives appointed by City of Regina City Council, and six employee representatives elected annually by the membership.
The current Board members are:
*Non-voting Employee Alternate
The Plan is reviewed by a qualified actuary at least every three years and is subject to the requirements of The Pension Benefits Act, 1992 (Saskatchewan), The Pension Benefit Regulations, 1993 (Saskatchewan), and The Income Tax Act.