The task force appointed to examine private pensions in New Brunswick released a consultation brief outlining the challenges New Brunswickers face and the scope of the task force’s mandate. The task force is inviting input from “groups and inviduals who have ideas to put forward for making pension sustainable and affordable.”
Written briefs should be submitted to the task force via e-mail to: firstname.lastname@example.org by September 19.
The task force plans to release an interim report this fall and will issue final report and recommendations in the spring of 2012.
The New Brunswick provincial government announced that it has directed the minister of Justice and Consumer Affairs to appoint a panel of experts to consult New Brunswickers on how to ensure private pensions are protected and sustainable in the long-term. The Department of Justice and Consumer Affairs, which is responsible for private pensions, will appoint the task force members and develop its mandate with a goal to report back to government with recommendations. The creation of the task force was one of the commitments included in the initiative, Putting New Brunswickers First.
Among the issues that the task force will examine are:
- rules protecting employees and pensioners in the event of bankruptcy or restructuring of the companies for which they work or worked;
- ensuring that the long-term sustainability of pension promises made to workers is honored and protected; and
- reviewing the structure meant to protect pension plans to insure they are as effective as possible.
Premier David Alward also announced that Finance Minister and Human Resources Minister Blaine Higgs will undertake a separate full review of pension plans affecting provincial public employees and retirees. This review is intended to ensure those plans are sustainable and that the benefits of those plans are protected.