Do Ottawa’s public-service pension talks have you rethinking your retirement plans?
Ottawa is in discussions with public service unions about adjusting federal pension plans to align with a 2-per-cent-of-salary retirement target, after years of higher contributions due to unadjusted public-sector pensions following CPP expansions. The changes come alongside broader public service downsizing efforts, including early retirement incentives available until July 24. These developments are prompting some federal employees to reconsider their retirement timelines and financial planning.
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Open this photo in gallery:Nuthawut Somsuk/iStockPhoto / Getty ImagesShareSave for laterPlease log in to bookmark this story.Log InCreate Free AccountOh, hi again. And happy day-after tax deadline day! Make sure you take at least 24 hours before you start stressing about next year’s tax filing. Today, we’re getting into how changes to federal worker programs could impact retirement plans. A pension shakeup is brewing You may not spend a lot of time thinking about what your retirement income will look like day-to-day. Until something shifts, and suddenly, it matters a lot. That’s what’s happening right now for some federal public servants.This week, I reported that Ottawa is in talks with unions about changing how federal public-service pensions will work going forward.
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