You and the City of Regina make contributions to the Plan that are held in an Elected Offical contribution account and a City contribution account respectively.
In accordance with Schedule "B" of Bylaw No. 8589 your contribution rate is 6.95% of pensionable earnings.
Pensionable earnings means the gross remuneration received from the City of Regina by a member of Council and as a member of a Board or Committee of Council or the Board of Police Commissioners including their tax free allowance but excluding any direct travel or accomodation expenses.
Example Calculation:
Pensionable Earnings: $29,300
6.95% x $29,300 = $2,036.35
Annual Member contribution = $2,036.35
Member contributions are automatically deducted from each pay you receive throughout the year. Your contributions to the Plan are tax deductible.
The City of Regina matches your contributions to the Plan at the same rate outlined above.