Continuation and administration of Fund
26(1)The Teachers’ Pension Fund established pursuant to subsection 14(1) of the Teachers’ Act is hereby continued.
26(2)The New Brunswick Investment Management Corporation shall be the trustee of the Teachers’ Pension Fund and the Teachers’ Pension Fund shall be held in trust by the New Brunswick Investment Management Corporation.
26(2.1)Expenses prescribed by regulation that relate to the administration of this Act and to the management and investment of money in the Teachers’ Pension Fund are a charge upon and payable out of the Teachers’ Pension Fund.
26(3)Repealed: 1999, c.44, s.16
26(4)All interest arising from the Teachers’ Pension Fund shall be paid into and form part of the Fund.
26(5)After March 31, 1991, in the case of employees who receive salaries out of the Consolidated Fund and who make contributions under section 3, the Minister of Finance at the request of the Board of Management shall pay out of the Consolidated Fund into the Teachers’ Pension Fund
(a)
an amount equal to seven and three-tenths per cent of the portions of the employees’ salaries that do not exceed the “Year’s Maximum Pensionable Earnings” as defined under the
Canada Pension Plan Act, and
(b)
an amount equal to nine per cent of the portions of the employees’ salaries that exceed the “Year’s Maximum Pensionable Earnings” as defined under the
Canada Pension Plan Act.
26(5.1)After March 31, 1991, in the case of all other employees who make contributions under section 3, the treasurer or person whose duty it is to pay the employees shall pay into the Teachers’ Pension Fund
(a)
an amount equal to seven and three-tenths per cent of the portions of the employees’ salaries that do not exceed the “Year’s Maximum Pensionable Earnings” as defined under the
Canada Pension Plan Act, and
(b)
an amount equal to nine per cent of the portions of the employees’ salaries that exceed the “Year’s Maximum Pensionable Earnings” as defined under the
Canada Pension Plan Act.
26(5.2)In each fiscal year, until such time as the benefits under this Act are fully funded, as determined by an actuarial valuation approved by the Chairman of the Board of Management, the Minister of Finance shall, at the request of the Board of Management, pay out of the Consolidated Fund into the Teachers’ Pension Fund an additional amount which in the fiscal year 1991-1992 shall be forty-two and one-half million dollars and which in each subsequent fiscal year shall be the amount paid under this subsection in the previous fiscal year increased or decreased by the percentage that is equal to the aggregate of two per cent and the percentage that the average of the Consumer Price Index for the twelve-month period ending June 30 in the previous fiscal year increased or decreased over the average of the Consumer Price Index for the previous twelve-month period.
26(5.3)In subsection (5.2) “Consumer Price Index” means the Consumer Price Index for Canada published under the authority of the
Statistics Act (Canada).
26(6)Repealed: 1994, c.N-6.01, s.29
26(7)If at any time the Teachers’ Pension Fund is insufficient to make all payments required by this Act to be made, the Minister of Finance shall, at the request of the Board of Management, pay out of the Consolidated Fund into the Teachers’ Pension Fund an amount sufficient to enable such payments to be made.
1966, c.29, s.22; 1976, c.56, s.6; 1983, c.90, s.8; 1984, c.65, s.3; 1987, c.58, s.5; 1991, c.44, s.2; 1994, c.N-6.01, s.29; 1999, c.44, s.16