Tag Archives: Pensions – shared risk

New Brunswick government attacking public sector pensions

Defend the pensions we have! Fight for pensions for all!

Mass demonstration by more than 2,000 public sector workers and retirees in defence of their pensions, Fredericton, November 6, 2013.

TML Daily (Feb. 6) – ON JANUARY 1, Bill 11, An Act Respecting Pensions under the Public Service Superannuation Act, came into force in New Brunswick. The Act was passed under closure by the provincial Legislature last December. It repeals the Public Service Superannuation Act (PSSA) and converts the defined-benefit pension plan under the PSSA into a shared-risk plan for public sector employees and public sector retirees. This plan covers roughly 19,000 public sector employees and 13,000 retirees. Since that time, the Alward Conservative government announced that it would convert other public sector pensions to the so-called shared-risk plan. The passing of the bill was accompanied by a strident propaganda campaign according to which the defined-benefit pension plans were unsustainable, the PSSA plan had a $1 billion deficit and the government coffers, i.e., taxpayers’ money, were being plundered to pay for the pensions of the public sector workers, etc. Continue reading

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