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June 18th, 2013Committee meeting
Kim Gowing
June 18th, 2013Committee meeting
Kim Gowing
Government Operations committee It would have been a change between the last actuarial evaluation and the most recent evaluation.
June 18th, 2013Committee meeting
Kim Gowing
June 18th, 2013Committee meeting
Kim Gowing
Government Operations committee The goal of the pension is not only to take into account the employer's benefits being provided, but also that the person is receiving a benefit from the Canada Pension Plan as well. We're trying to achieve the industry benchmark, which is to replace 70% of the income a person had at the time of retirement.
June 18th, 2013Committee meeting
Kim Gowing
Government Operations committee No, there are no clawbacks.
June 18th, 2013Committee meeting
Kim Gowing
Government Operations committee The pension deficit had to be addressed by the government. They're responsible for the deficit, as the legislation lays out. So the government assumes full responsibility for that.
June 18th, 2013Committee meeting
Kim Gowing
Government Operations committee Yes. But I also think it's important to note that based on the next actuarial evaluation, there's a possibility that the deficit could be reduced or, in and of itself, eliminated, depending on the results of the next actuarial evaluation.
June 18th, 2013Committee meeting
Kim Gowing
Government Operations committee It would either be reduced or disappear or cease.
June 18th, 2013Committee meeting
Kim Gowing
Government Operations committee Currently, employees will be engaged through the Public Service Pension Advisory Committee, through their representatives.
June 18th, 2013Committee meeting
Kim Gowing
Government Operations committee Again, the pension advisory committee will....
June 18th, 2013Committee meeting
Kim Gowing
Government Operations committee No change to the....
June 18th, 2013Committee meeting
Kim Gowing
Government Operations committee I would have to say the public service pension plan is still a very good pension plan, and I believe it will continue to attract employees.
June 18th, 2013Committee meeting
Kim Gowing
Government Operations committee Do you wish to have an explanation of survivor benefits? When an individual passes away, there are survivor benefits for the spouse, and child benefits as well.
June 18th, 2013Committee meeting
Kim Gowing
Government Operations committee It's 50% of the amount of the benefit at retirement.
June 18th, 2013Committee meeting
Kim Gowing