Changes on the way for public pensions
Posted Feb 24, 2014 4:25 pm.
This article is more than 5 years old.
Reforms to Alberta public pension plans will be moving forward.
Finance Minister Doug Horner says he plans to bring forth changes to the legislature that will help these plans become more sustainable for future generations.
The government is facing $7.4 Billion in unfunded liabilities that need to be addressed immediately.
Some of the reforms target early retirement.
Benefits to current retirees will not change with reforms kicking in January 2016.
When it comes to subsidies, to retire early with an unreduced pension, you’ll have to be at least 60 with 30 years service.
Horner said they are actually just trying to provide more flexibility, rather than do away with early retirement altogether.
“This is considerably less of a change than what we originally intended back in 2012, and frankly more moderate than what we presented in September,” he said.
Horner promises a new risk management system will also be implemented to make sure plans remain sustainable.
