NB takes on pension reform

New shared-risk model ‘fabulous’: Lawyer
By Melissa Mancini
|Canadian Payroll Reporter|Last Updated: 11/21/2012

New Brunswick introduced a shared-risk pension model in July for public-sector workers, which is designed to keep unfunded liabilities down.

The model, developed by a special task force, is heralded as being a creative solution to the province’s pension woes. Between 2008 and 2009, New Brunswick had an increase in pension expenses of $169 million.

Its credit rating was downgraded by Moody’s in 2009 and in 2010 it was placed on a negative outlook by Standard and Poor’s, according to the government of New Brunswick.