Growing the PSSP membership – Sherbrooke Restoration Commission
HALIFAX, NS - Public Service Superannuation Plan Trustee Inc. (PSSPTI) is pleased to announce that the Sherbrooke Restoration Commission has transferred its defined benefit pension plan into the Public Service Superannuation Plan (PSSP) effective May 1, 2017.
The transfer was completed pursuant to the Municipal and Other Authorities Pension Plan Transfer Act (MOAPPTA), which came into force in November of 2016. The Sherbrooke Restoration Commission transaction is the first pension plan transfer completed under the MOAPPTA.
The Sherbrooke Restoration Commission plan transfer follows the recent successful transfers into the PSSP of the defined benefit pension plans of Acadia University, Université Sainte-Anne, and University of King’s College. Those transfers were completed pursuant to the University Pension Plan Transfer Act, and resulted in a total of 637 new active members and 358 retirees moving to the PSSP. Also, on April 1, 2017, 201 employees of Cape Breton University commenced participating as members of the PSSP.
PSSPTI’s guiding principles throughout these transfers have been that a transfer into the PSSP must be beneficial to the long-term sustainability of the PSSP and cost neutral to its existing members. Analysis of the Sherbrooke Restoration Commission transfer met these requirements.
Growing the PSSP membership to promote long-term financial sustainability is a key strategic focus for PSSPTI. PSSPTI is continuing to pursue growth opportunities and is in discussions with several public sector employers about joining the PSSP.
The Sherbrooke Restoration Commission is responsible for the operation of historic Sherbrooke Village. The Commission reports to the Nova Scotia Museum Board of Governors, which grants funding for the Village.
For more information, contact:
Communications and Board Officer
Agente, Communications et des conseils
Nova Scotia Pension Services Corporation
Société des services de pension de la Nouvelle-Écosse