Independent panel to examine pension plan for Nova Scotia teachers
An independent three-person panel has been appointed to examine ways of strengthening the pension plan for Nova Scotia's teachers, which had a massive unfunded liability of $1.5 billion as of 2019.
The province says while there is no immediate risk the plan will be unable to meet its pension obligations, it has a shared obligation with the Nova Scotia Teachers Union to address the liability issue.
The teachers' pension plan is one of the largest public sector plans in the province, with 32,647 members, including 13,705 retirees and survivors, 12,979 active members and 5,963 inactive members as of 2019.
Agreed to in October, the panel is to consult with teachers and other plan members before submitting recommendations to make the plan fully funded by Dec. 31.
Members include Elizabeth Brown, a Toronto-based pension lawyer at Brown Mills Klinck Prezioso LLP, Gale Rubenstein, a lawyer at Goodmans LLP in Toronto and Conrad Ferguson, an actuary based in Fredericton.
In a news release Wednesday, Labour Relations Minister Mark Furey said both government and the union want to ensure pensions are there for teachers when they retire.