Civil Circles
Public Sector Pension Plan has $4.4-billion deficit, feds contributing extra half-billion a year to fix it
The government expects it will take as long as 13 years of $435-million annual payments to get the deficit off its books. The first payment was made this March, and payments are scheduled to continue until 2026.
This spring the government made its first extra half-billion dollar payment into public servants’ pension fund to start to pay off a $4.4-billion deficit caused by the financial crisis and pressure as retirees are living longer.
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