Pension Innovation: New Brunswick’s Shared Risk Model

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New Brunswick has enacted legislation to permit shared risk pension plans (SRPs), a type of target benefit plan (TBP), while other Canadian provinces have passed amendments to enable TBPs. This article discusses considerations for employers and employees contemplating an SRP.

The shared risk plan (SRP) is an innovative plan design option that was recently introduced in the province of New Brunswick. In 2012, the provincial government enacted legislation to permit SRPs, a type of target benefit plan (TBP), in the public and private sector, for single employer and multi-employer arrangements and for unionized and nonunionized workplaces. Several plans in the province, including the certain Bargaining Employees of New Brunswick Hospitals Plan, City of Saint John Pension Plan and the Pension Plan for CUPE Employees of New Brunswick Hospitals, have converted to shared risk.

Originally published in Plans and Trusts, Volume 32. No. 3, May/June 2014.

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Topics:  Canada, Employee Benefits, Pensions

Published In: Finance & Banking Updates, Labor & Employment Updates

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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