Calculation of Cost of Living Adjustment (COLA)
Teachers' Pension Plan - Variable Indexing Method
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July 1, 2011
Re: The Nova Scotia Teachers’ Pension Plan – Variable Indexing Method regarding Cost of Living Allowance
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, 2010, the Plan’s funded ratio was 78.7%. Applying the above criteria, no indexing may be granted for the period beginning on July1, 2011 and ending on June 30, 2012.
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