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 active members who are still working and contributing to the Plan, deferred members who are no longer working but are entitled to receive benefits upon retirement, and retired members and survivors who are currently receiving a pension.
Assets of the Plan are actively managed in accordance with the Statement of Investment Policies and Procedures.
Asset Class Allocation at December 31, 2023:
