The New Brunswick Public Service Pension Plan’s joint board of trustees has approved a full cost of living increase of 1.4 per cent for its 36,000 active and retired plan members.
The annual cost of living increase, which will be applied on Jan. 1, 2017, is based on the increase in the average of the consumer price index for the 12 month period ending the preceding June. The plan has provided the full increase every year since 2014, when the plan was converted to a shared-risk plan.
“The financial position of the pension plan is such that it allows us to once again provide the full cost of living increase to plan members,” said Marilyn Quinn, chair of the pension plan’s board, in a news release.
The pension plan’s active members will see the increase applied to the benefit they’ve earned up to Dec. 31, 2015, while retirees will see the amount applied to their monthly pension benefit.