The University of New Brunswick and the Association of University of New Brunswick Teachers (AUNBT) are pleased to announce that the tentative agreement to convert the existing academic employee pension plan (AEPP) to a shared risk plan (SRP) has now been ratified.
In September 2012, UNB and the AUNBT set up a joint working group to explore the possibility of converting the plan to a shared risk model, an option newly available in New Brunswick as of August 2012.
In June 2013, both parties advised active and retired plan members and deferred pension plan holders that negotiations had resulted in a tentative agreement. In October 2013, active and retired members, as well as deferred pension plan holders, were invited to attend a series of information sessions on both campuses.
Both the full-time members of the AUNBT and UNB’s board of governors recently voted in favour of converting the AEPP to a SRP, to take effect as of July 1, 2013.
Like the AEPP (which was also a form of shared risk plan), the administration and funding of the new SRP will be shared on a 50-50 basis, with UNB matching the contributions of academic employees.
AUNBT and UNB are confident that this conversion will allow for a fairer, more equitable, and more secure and sustainable pension plan.