Cost of Living Adjustment - Variable
As a result of the agreement between the Province of Nova Scotia and the Nova Scotia Teachers’ Union signed on June 22, 2005, indexing in a given year for pensions with an effective date on or after August 1, 2006, depends on the funding level of the Plan.
If the funding level of the Plan at December 31 of the preceding fiscal year is less than 90%, no indexing (COLA) may be provided.
At December 31, 2011, the Plan’s funded ratio was 70.9%. Applying the above criteria, no indexing may be granted for the period beginning on July 1, 2012 and ending on June 30, 2013.