Legislation that mandates the transfer of five New Brunswick public sector defined benefit pension plans to a shared-risk model goes into effect today. The Pension Plan Sustainability and Transfer Act, which received royal assent in December, will impact more than 7,800 active members enrolled in five plans serving school board and nursing home employees and […]
The New Brunswick government introduced legislation Wednesday to transfer five of its public sector defined benefit pension plans to shared-risk plans, saying the move will ensure the sustainability of plans that have become unaffordable. “They were not designed to have cases where [employees] might work the same amount of years that [they are] retired,” said […]
Defined benefit. Defined contribution. Target benefit. Shared risk. Collective. Multi-employer. Pooled. Canada’s pension and retirement landscape is littered with lingo that can often be confusing for the people who participate in these plans and count on them for their retirement income. As pension plans evolve and the terms describing them expand, does the industry have […]
New Brunswick’s auditor general is reigniting a dispute with the an independent public sector asset manager responsible for investing on behalf of pension plans jointly sponsored by Crown corporations. In a report, Paul Martin, the province’s auditor general, expressed concerns that Vestcor Investment Management Corp., which provides administration services for 11 public sector pension plans and […]
An eight-year legal effort to reverse a law that transformed New Brunswick’s public sector pension plan away from an indexed defined benefits model is being scrapped. Pension Coalition NB, an association that represents 13,000 public sector retirees in the province, will end its legal efforts to oppose a 2013 bill that transformed N.B.’s public sector pensions […]
Plan design changes are on the horizon for the Ontario Municipal Employees Retirement System’s primary pension plan. The OMERS Sponsors Corp. board has approved five plan changes. The first three changes are effective immediately and are tied to circumstances related to the coronavirus. The other two are part of the annual plan review, which were […]
Manitoba’s Liberal Party is concerned about a number of pension plan design changes put forth by the province’s Conservative government in a public review earlier this month. “We are extremely concerned about the direction the Pallister government is taking on pensions,” Dougald Lamont, the leader of the Manitoba Liberals, said in an email to Benefits Canada. The […]
The relatively new New Brunswick shared-risk plan (SRP) model has received a lot of attention and positive publicity over the past year, not only in the province and the rest of Canada but also around the world. However, there are a number of significant shortcomings that have, to date, not been particularly well identified, understood or communicated.
The Canadian Coalition for Retirement Security has launched a campaign to push for legislation to protect the earned pension benefits of public and private sector employees and retirees.
New Brunswick's shared-risk model for pension plans has received the highest grade from the American Academy of Actuaries.