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Update on the Review of the Teachers' Pension Plan

In April 2013, the NBTF Board of Directors approved an action plan to provide staff at NBTF, AEFNB and NBTA with a framework from which to address issues related to the review of the Teachers' Pension Plan. This framework established some basic principles and some initial actions to be undertaken.

Part of the action plan was to create an internal working group consisting of the Executive Directors of NBTF, AEFNB and NBTA along with the staff officers of AEFNB and NBTA who work in the pension area, and the NBTF Co-Presidents. In addition, an Expert Advisory Group was to be created consisting of retired staff from the three organizations along with representative of the two (2) retired teacher organizations. The members of this advisory group include such people as Edouard Allain, former NBTF Executive Director, Dawson Murray, former NBTA Deputy Executive Director, Michael Springer, former NBTA Director of Teacher Welfare, Reno ThŽriault, former AEFNB Executive Director, and Pamela Campbell, former NBTF Co-President, among others.

Three meetings of the Expert Advisory Group have been held to date - the most recent of which was held on Wednesday, June 12th. This meeting was designed to provide group members with an update on developments related to the review of the Teachers' Pension Plan during the past month. The group was advised that Larry Jamieson, NBTA Executive Director, would be the primary contact for our organizations on this file. In addition, an information meeting was held with Minister Blaine Higgs, representatives of the Department of Finance, and the actuarial firm Morneau Shepell, who are the plan actuaries. The goal of this meeting was to gain an understanding of where the parties are on the issue of pension review and to establish a working relationship.

One of the developments from this meeting was the suggestion that an independent actuarial consultant be engaged by the NBTF to assist our organizations with the review process. The process of identifying such a consultant has begun.

It is clear that the provincial government plans to continue with the review process associated with public sector pension plans, including the Teachers' Pension Plan. We continue to monitor developments with the Public Service Superannuation (PSSA) Plan. We are also prepared to enter into discussions with government to determine if there are issues that we need to deal with related to the sustainability of the plan for all members. As developments occur, we are committed to keeping all members of the Teachers' Pension Plan as informed as possible.