On November 19, 2013, the Province of New Brunswick introduced
for First Reading, An Act Respecting Pensions under the Public
Service Superannuation Act(the Act). Under the Act, the Public Service Superannuation Act
(PSSA) will be repealed and the pension plan under the PSSA will be
converted to a shared risk plan in accordance with the Pension Benefits Act (New Brunswick)
(the PBA).
A news release, entitled "Union support for
pension legislation", was also published on November 19, 2013
with respect to the PSSA conversion. The news release provides that
a memorandum of understanding had been signed "with unions
representing two-thirds of the bargaining positions in the PSSA,
including several CUPE locals, in advance of pension legislation
that the province will table today". Finance Minister Blaine
Higgs commented that "all members of the PSSA will soon have
the benefit of a more secure, sustainable and affordable pension
plan as a result of this legislation".
