The Government of New Brunswick says it has substantial union support in tabling legislation to make the Public Service Superannuation Act (PSSA) more sustainable for plan members and more affordable for taxpayers.
Finance Minister Blaine Higgs has signed a memorandum of understanding with unions representing two-thirds of the bargaining positions in the PSSA, including several CUPE locals, in advance of pension legislation that the province tabled on Tuesday.
These unions include the New Brunswick Union, the International Brotherhood of Electric Workers, the New Brunswick Nurses Union, CUPE 1252 Hospital workers, CUPE 1840 Court Stenographers and CUPE 5017 Community College Operational Services.
“After a consultation and collaboration process that lasted more than a year, we are happy to be joined by the great majority of unions representing members in the PSSA,” says Higgs. “All members of the PSSA will soon have the benefit of a more secure, sustainable and affordable pension plan as a result of this legislation.”
The PSSA is facing a billion-dollar deficit that is expected to get worse due to demographic realities and realistic estimates of future investment returns.
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