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Alberta Finance Minister Doug Horner is shown in Edmonton on Aug. 29, 2013. (JASON FRANSON/THE CANADIAN PRESS)
Alberta Finance Minister Doug Horner is shown in Edmonton on Aug. 29, 2013. (JASON FRANSON/THE CANADIAN PRESS)

Alberta won’t cut early retirement incentives, but will modify them, minister says Add to ...

Alberta Finance Minister Doug Horner says he has decided not to scrap early retirement incentives for public-sector workers after all.

Horner says the province will instead amend the formula to keep the early retirement plans attractive to workers while still being cost effective for the government.

The early retirement provision is among a raft of changes Horner has announced in recent months to public sector pensions.

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Horner says the province faces an unfunded liability of $7.4-billion and must tighten the plans to keep costs from spiralling.

One of the changes was to be an end to early retirement subsidies, which currently allow staffers aged 55 or older with at least 30 years of service to leave with full benefits.

Legislation to be introduced next month will change that to age 60 with 30 years of service for people who begin working for the government in 2016.

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