As a target benefit pension plan, The Target Retirement Income Plan for the Regina Police Service 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. Unlike a defined benefit pension plan, the benefit can be changed. The Plan is designed to make changes to future benefits first, but benefits related to accrued service can also be changed. The Plan was established July 1, 2014 under the Trust Agreement for the Plan.
Some of the benefits of belonging to the Plan include:
Plan members contribute 6.8% of pensionable earnings up to the YMPE and 10.7% of pensionable earnings above the YMPE. The employer contributes a combined rate of 8.5% on all pensionable earnings.
Plan membership includes 578 active members who are still working and contributing to the Plan and 5 pensioners. The active membership includes 530 employees who are also members of the Regina Police Pension Plan. Pensionable service used for determining retirement eligibility under both the Target Retirement Income Plan and the Police Pension Plan is the combined pensionable service accrued under
each of the plans.
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 six voting members: three employee
representatives, two employer representatives and one independent member. The independent member is appointed by the Sponsor Board and must
be agreed to by both the employer and the employees.
The current Board members are:
Sergeant Jason Gunderson
Councillor Wade Murray
Mayor Michael Fougere
Inspector Darcy Koch
Mr. Bob Watt
Sergeant Todd Strueby (Observer)
Ms. Louise Mohr (Observer)
Lorilee Davies (Observer)
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.