New Brunswick Public Service Pension Plan
2019 EMPLOYEE STATEMENTS OF PENSION BENEFITS DELAY
As a result of the ongoing activities associated with Vestcor’s implementation of a major technology upgrade to a new pension administration system earlier this year combined with the various impacts from the COVID-19 state of emergency on their operations, the NBPSPP Employee Statements of Pension Benefits for the statement period ending December 31, 2019 are currently delayed.
Vestcor continues to work with their partners to have statements completed and distributed as soon as possible. In addition, the Financial and Consumer Services Commission (FCNB) have granted an extension to the Pension Benefits Act requirement of providing written statements to plan members from the original due date of September 30, 2020 to December 31, 2020; it is anticipated that statements will be finalized well before the extension date.
In the interim, please note that you may continue to use your 2018 statement if you are interested in calculating pension estimates using the online pension estimate calculator. We apologize for any inconvenience caused by this delay and thank you for your patience. If you need immediate information or if you have any questions, please contact Vestcor’s Member Services Team at 1-800-561-4012 or by email at firstname.lastname@example.org.
SPECIAL UPDATE FROM YOUR BOARD OF TRUSTEES IN WAKE OF COVID-19 OUTBREAK
Your Board of Trustees met for their regularly scheduled quarterly meeting on September 23, 2020. In respecting the advice of the Chief Medical Officer and Department of Health, we chose to practice social distancing by meeting through online video link.
We met with Vestcor, the NBPSPP’s investment manager and administration services provider, and carefully reviewed how the investment program of the Plan has been performing in the face of the significant volatility that has been experienced in the global financial markets due to the COVID-19 pandemic. We are pleased to inform you that the NBPSPP remains resilient, and that our diversified investments have reduced the market volatility experienced.
Furthermore, we are happy to announce that we have once again been able to provide a full cost of living adjustment of 1.46% to all members.
Our service providers are closely monitoring the Province’s Business Recovery Guidelines and Public Health measures to ensure that our investment, administration, and actuarial operations continue to be seamlessly provided.
We will continue to perform our due diligence with regards to this situation, and we look forward to providing a more detailed update in our Fall Newsletter.
PLEASE NOTE we are currently experiencing an influx in the volume of applications received. Our turnaround time to process pension related applications is longer than usual and we are not in a position to make exceptions or “rush” applications. We thank you for your patience as we work to process your application as quickly as possible.
Whether you need to provide a form for your pension or employee benefits, quickly find the form you need.General
Member booklets and guides contain important information relating to your pension plan.Understanding Your Employee Statement Of Pension Benefits (NBPSPP) NBPSPP Pension Plan Member Booklet Marriage Breakdown Booklet NBPSPP New Pre-Retirement Death Benefit Rules Fact Sheet Naming a Beneficiary | Death Benefits Fact Sheet (NBPSPP) NBPSPP Additional Purchase of Service Information (February 2018) NBPSPP At-A-Glance
Stay informed about your pension plan through the semi-annual newsletters provided by the Board of Trustees of the NBPSPP, in addition to the general communiqués provided by the Board and Vestcor.Sign up to receive your newsletter and other general communications electronically. General
Wonder how your pension could be affected by times of transition in your life? Easily find the information you need in our Life Events section. Navigate through it based on what stage of your life you are in. It’s divided into the following sections:
- Welcome to the Plan
- Returning from a Leave of Absence
- Ending a Spousal Relationship
- Leaving your Employment
- Planning for Retirement
- Welcome to Retirement
- Death of a Member
Click on the link below to experience it for yourself.Life Events and Your Pension
The Board of Trustees is in place to manage the Plan in the best interest of both active and retired members. It follows industry best practices in terms of governance and administration of the Plan. The NBPSPP and the New Brunswick Teachers’ Pension Plan (NBTPP) jointly own Vestcor Corp.NBPSPP Board Biographies
The following documents guide the Board of Trustees in the governance of the NBPSPP.NBPSPP Agreement and Declaration of Trust NBPSPP Statement of Investment Policies NBPSPP Plan Text NBPSPP Summary of the Funding Policy NBPSPP Funding Policy NBPSPP (Formerly PSSRP) Memorandum of Understanding
Every year, the Board of Trustees hosts an Annual General Meeting, open to all members. Find below details of the most recent AGM.NBPSPP 2020 Annual Information Meeting NBPSPP 2019 Annual Information Meeting NBPSPP 2018 Annual General Meeting NBPSPP 2017 Annual General Meeting Video Recording
View the Plan’s most recent annual report, actuarial valuations, financial statements, and performance composites for the NBPSPP.Actuarial Valuation
Above you will find a video version of the Employee Presentation which is usually carried out in person by Vestcor’s Member Services Team. It is separated into the following topics:
- Governance of the NBPSPP
- NBPSPP Pension Contributions
- Vesting Under the NBPSPP
- Benefits Accumulated Under the NBPSPP
- CPP Integration and Your NBPSPP Pension
- What Can Impact Your NBPSPP Pension Amount?
- Keeping Track of Your NBPSPP Pension Benefit
- Forms of Pension Under the NBPSPP
- Schedule of NBPSPP Pension Payments
- NBPSPP Benefits Payable Upon Termination or Death
- Designating a Beneficiary Under the NBPSPP
- Other Provisions That May Impact Your NBPSPP Pension
- Thinking About Retiring as an NBPSPP Member
If there is a specific topic that you are interested in, hit play on the video above, then skip ahead using the controls that appear in the bottom left corner. You can also click on any of the topics listed.Watch the full playlist on YouTube
For an information pension estimate or a purchase of service estimate, visit our online calculators here.
Shared Risk Video
This video provides a general introduction to your Shared Risk Plan.