Finance Minister to Introduce Amendments to the Public Service Superannuation Act

Finance Minister Jamie Muir announced amendments to the Public Service Superannuation Act today, April 30.

The changes will increase contributions for employees and employers of the Public Service Superannuation Pension Plan, effective April 12.

"This action is needed to help address a shortfall in the plan's long-term funded status," said Jamie Muir, Minister of Finance and trustee of the Public Service Superannuation Pension Plan. "The introduction of these amendments is a step towards improving the health of the plan."

On Dec. 31, 2008, the plan was estimated to have an unfunded liability of $1.65 billion, resulting in a funded ratio of 64.8 per cent.

A review of the funded status continues and plan members will be consulted later this year regarding a long-term strategy to improve the health of the plan.