The Regina Police Service has developed a target benefit pension plan for more than 500 police officers and staff with assistance from Aon Hewitt.
The highlights of the new target retirement income plan (TRIP) include lifetime pension payable to members, bridge benefits payable until age 65, fixed contribution rates for both members and employer, earliest unreduced retirement date of rule of 80 and an ad hoc cost-of-living adjustment.
Throughout the process of developing TRIP, Aon Hewitt acted as the link between the Regina Board of Police Commissioners and Regina Police Service members, and provided information and support to the Saskatchewan Financial and Consumer Affairs Authority, the province’s pension regulator.
“I’m proud of the problem-solving approach our team took toward the challenges with our pension plan,” says Evan Bray, president of the Saskatchewan Federation of Police Officers and former president of the Regina Police Association.
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