Since the fall of 2012, the provincial government has been working toward the implementation of a Shared Risk Pension Plan (SRP) intended to replace the current pension plan managed under its Public Service Superannuation Act (PSSA). With this change, the Province will rid itself of its contractual obligations to both retired and current public servants. The Province is attempting to fix its fiscal mismanagement on the backs of retirees and current employees while the pension fund, considered one of the best managed in Canada (Moody’s, October 2013), has shown surpluses of over $100 million for the last seven years.
New Brunswick’s proposed public-service pension reform strategy has been given the name “Shared Risk.” This is an absolute misnomer; “Increased Risk” is the true description of the Alward government’s proposal.
There is as much security in playing catch-up with their proposed increased annual returns as there is in my investing in a lottery ticket.
Suite aux séances d’information provinciales auxquelles les retraités en colère ont assisté par milliers, PensionCoalitionNB à relâché publiquement aujourd'hui une lettre et pièce jointe virulente adressée au premier ministre Alward.
Bill Ayer, co-président de PensionCoalitionNB dit que la lettre souligne les informations trompeuses fournies par le gouvernement. « Nous savons fort bien que le gouvernement tente de diviser les néo-Brunswickois pour mieux régner en fournissant de la désinformation et en jouant avec les mots. Ceci est une injustice et un manque d’éthique et doit cesser immédiatement, » a-t-il ajouté.
Today, after public meetings were held around the Province where outraged pensioners turned out in thousands, the Coalition has sent a strongly worded letter and attachment to Premier David Alward. These documents are also being made public today.
Destruction of my life,
I am recently retired from NB Power.
I have worked for 32.5 years and have lived pay check to pay check with my wife of 36 years who has MS (only diagnosed in 2008) and raised 3 children. I have fought my whole life to get to where I am today. I was married with one son and I went back to school living on $2800 a year for 2 years, plus worked in the summer. There was a time when there was no food in the house and we lived on a can of soup for 2 days because welfare wouldn’t even lend me money so my son could eat. The church rescued us on the 3rd day and since then I have been contributing a substantial amount to the church. I am a Professional Technologist and have volunteered in many things. I was the President for the New Brunswick Society of Certified Technicians and Technologists. I was the Director of the Canadian Council of Certified Technicians and Technologist for New Brunswick. I also ran as a councillor for the town of Quispamsis. I have calculated for a whole year what it would cost to retire so I can enjoy the time I have left with my wife who has MS. I took a penalty by leaving early, and I am also penalized because I could have worked to 60 years of age with a better pension. I thought that with all the sacrifices that I have made, as well as my family, that I could now relax and enjoy the time left that I have with my wife. BUT NO. I have to fight another battle which I believe the government will do whatever it wants to do and ruin my life as well as others in my same position.
Jim Nyers, PTech
Debby Bowie Frost I feel so bad for you Jim and am sure there are many others. My son having cancer is what precipitated my retirement. Karen Madore Parent The sad thing is we paid for this retirement! A contract was signed and it should be respected!