{"id":18838,"date":"2020-06-30T15:00:14","date_gmt":"2020-06-30T19:00:14","guid":{"rendered":"https:\/\/www.benefitscanada.com\/news\/pssp-reports-98-5-funded-status-halts-indexing-for-five-years-147641"},"modified":"2020-06-30T15:00:14","modified_gmt":"2020-06-30T19:00:14","slug":"nova-scotias-pssp-reports-98-5-funded-status-halts-indexing-for-five-years","status":"publish","type":"post","link":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/2020\/06\/30\/nova-scotias-pssp-reports-98-5-funded-status-halts-indexing-for-five-years\/","title":{"rendered":"Nova Scotia\u2019s PSSP reports 98.5% funded status, halts indexing for five years"},"content":{"rendered":"<div class=\"alignleft clearfix\">\n<div class=\"wp-caption feature-image alignleft\"> <img decoding=\"async\" loading=\"lazy\" width=\"316\" height=\"190\" src=\"https:\/\/www.benefitscanada.com\/wp-content\/uploads\/2017\/05\/NovaScotia_Flag.jpg\" class=\"attachment-feature size-feature wp-post-image\" alt title=\"Nova Scotia\u2019s PSSP reports 98.5% funded status, halts indexing for five years\"> <\/div>\n<\/p><\/div>\n<p class=\"byline\"> <span>Staff<\/span>&nbsp;|&nbsp;June 30, 2020 <\/p>\n<p>Nova Scotia\u2019s&nbsp;Public Service Superannuation Plan reported a 98.5 per cent funded status as of Dec. 31, 2019 and said it will halt&nbsp;cost-of-living&nbsp;adjustments&nbsp;for retirees for the next five years.<\/p>\n<p>According to the plan\u2019s 2020 funded health review, its funding policy prohibits indexing when the PSSP\u2019s funded status is below 100 per cent. However, the&nbsp;Public Service Superannuation Plan Trustee Inc., which oversees the fund for N.S. government, university and municipal employees,&nbsp;decided&nbsp;not to adjust contribution rates, which it\u2019s required to consider if the plan\u2019s funded status&nbsp;is above 96 per cent&nbsp;but below 100 per cent.<\/p>\n<p><strong>Read:&nbsp;<a href=\"https:\/\/www.benefitscanada.com\/news\/omers-sponsors-corp-approves-shared-risk-indexing-other-plan-design-changes-147491\">OMERS Sponsors Corp. approves shared-risk indexing, other plan design changes<\/a><\/strong><\/p>\n<p>This is the second funding health review conducted by the PSSPTI since the plan\u2019s&nbsp;funding policy was updated to address&nbsp;a 69 per cent funded status and a $1.6-billion deficit at the end of 2009. In 2015,&nbsp;the plan\u2019s funded status was 104.7 per cent and the cost-of-living increase was set at 0.85 per cent per year. The trustee also allocated $125 million of the plan\u2019s funding surplus to a strategic reserve.<\/p>\n<p>In a press release, Ron Smith, the PSSPTI\u2019s board chair, acknowledged that the lack of cost-of-living adjustments would be disappointing for retirees. \u201cThe plan\u2019s funding policy was constructed for the long term and it has always been understood that there will be fluctuations in the amount of indexing the plan can afford to pay.\u201d&nbsp;<\/p>\n<p><strong>Read:&nbsp;<a href=\"https:\/\/www.benefitscanada.com\/news\/two-universities-join-nova-scotia-public-service-pension-84350\">Two universities join Nova Scotia public service pension<\/a><\/strong><\/p>\n<p> <a href=\"https:\/\/www.benefitscanada.com\/news\/pssp-reports-98-5-funded-status-halts-indexing-for-five-years-147641\">Read the full article at BenefitsCanada.com<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Staff&nbsp;|&nbsp;June 30, 2020 Nova Scotia\u2019s&nbsp;Public Service Superannuation Plan reported a 98.5 per cent funded status as of Dec. 31, 2019 and said it will halt&nbsp;cost-of-living&nbsp;adjustments&nbsp;for retirees for the next five years. According to the&#46;&#46;&#46;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[],"tags":[],"jetpack_featured_media_url":"","_links":{"self":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/posts\/18838"}],"collection":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/comments?post=18838"}],"version-history":[{"count":0,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/posts\/18838\/revisions"}],"wp:attachment":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/media?parent=18838"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/categories?post=18838"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/tags?post=18838"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}