Professional Institute Releases Pension Options That Could Save New Brunswick Taxpayers Some $50 million Annually

OTTAWA, ONTARIO--(Marketwired - Sept. 18, 2015) - The Professional Institute of the Public Service of Canada (PIPSC) today released alternative pension reform solutions to the significant weaknesses of the Public Service Shared Risk Plan (PSSRP) imposed by the previous provincial government in 2014. These solutions, which could save New Brunswickers some $50M annually, are based on an exhaustive study conducted by the federal government's former Chief Actuary, Bernard Dussault, of the design, financing and investment policies of the province's Public Service Superannuation Plan (PSSA), the PSSRP, their governing legislation, and related documents.

The Institute's study concludes that the repeal of the PSSA and the elimination of defined benefits by the former government were unnecessary, and that it is possible for the provincial government not only to restore these benefits for both active and retired plan members, but to reduce its annual contributions to the plan by some $50M.

"Over the past year, we have met with Premier Gallant and with representatives of his government on a number of occasions to discuss how to best rectify the unwise actions taken by the previous government on this issue" said PIPSC Vice-President Steve Hindle. "We appreciate the good faith he has demonstrated in considering new ways to ensure the retirement security of all New Brunswickers. Adoption of the solutions we have provided would have a very substantial and positive impact on the province's finances for years to come and, more importantly, on the daily lives of thousands of citizens. We are very confident that our recommendations will stand up to the closest scrutiny of the government's pension experts".

The recommendations and their underlying financial analysis are available at pipsc.ca.

The Professional Institute of the Public Service of Canada represents some 55,000 professionals across Canada's public sector, including some 1,300 provincial and federal employees in New Brunswick. Amongst these are hundreds of highly skilled professional employees working for the Government of New Brunswick, such as Agrologists, Agronomists, Architects, Crown Counsel, Crown Prosecutors, Engineers, Land Surveyors, Legal Aid Lawyers and Veterinarians.