ALBERTA

Alberta Public-Sector Pensions: Provincial Government Wants Changes

01/14/2014 06:44 EST | Updated 03/16/2014 05:59 EDT
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EDMONTON - These are some of the changes the Alberta government is proposing for public-sector pensions.

The changes would affect pensions of public servants such as jail guards, nurses and teachers.

Alberta Public Pension Changes

— Benefits earned up to 2015 wouldn't change, but as of 2016 the plans would be "more modest."

— Cost-of-living adjustments are currently paid up to 60 per cent, but after 2016 would be paid up to 50 per cent and could be reduced even lower if economic situations make it necessary.

— There would be no more pension subsidies for those who retire before age 65; those pensions would be reduced to reflect the cost of paying them out over a longer period.

— No changes to benefit improvements would be allowed until 2021 at the earliest.

— Funding would be split 50-50 between employers and employees; the government currently pays out more than half.