About the Plan

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:

• normal retirement at age 60 for Police members and age 65 for Civilian members;
• unreduced early retirement when age plus pensionable service total 80 years or more
• a lifetime monthly pension based on the average of the final 5 years of pensionable earnings multiplied by pension accrual factors of 1.26% up to the Canada Pension Plan Yearly Maximum Pensionable Earnings (YMPE) and 2.00% for earnings above the YMPE;
• a temporary bridge benefit of 0.74% of the average of the highest final average 5 years of pensionable earnings up to the YMPE payable to age 65 for members who meet unreduced early retirement requirements;
• Ad-hoc cost of living adjustments at a rate of 1/2 of any increase  in the Consumer Price Index (Canada) year over year to a maximum of 3.00% in any one year;
• vesting in the Plan after two years of continuous service;
• termination benefits and portability options;
• survivor benefits before and after retirement; and
• continued accumulation of service while on disability.

 

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

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.

 

 

Investment Holdings

Assets of the Plan are actively managed in accordance with the Statement of Investment Policies and Procedures.

 

 

Asset Class Allocation at December 31, 2015:

About

Governance

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:

 

      Bernie Eiswirth

      (Chairperson)

 

      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.