FREDERICTON, NEW BRUNSWICK--(Marketwired - Dec. 6, 2013) - CUPE New Brunswick is welcoming remarks from the province's Auditor General in her annual report, which confirms virtually everything the union has been saying about shared risk pensions.
CUPE NB President Danny Legere says, "The AG does not mince any words in her report (Section 3.27). She says the risks in this model are largely borne by the employees.
"This completely shoots down the falsehood that the Alward government has been spreading, namely that there will be sharing of risk between plan members and the government," says Legere.
"The province's own Auditor General also says the government knew the whole time that plan members would carry more risk, but were telling the public there would be sharing of risk and that plan members' would be more secure," says Legere.
"This government has been playing fast and loose with the truth and has now been exposed by its own Auditor General. Meanwhile, tens of thousands of public employees and retirees have been knowingly mislead," says Legere.
The AG's remarks on shared risk can be found here, Section 3.27 http://www.gnb.ca/oag-bvg/