Despite a recommendation made by the four Atlantic provinces in 2016, a review of the Atlantic Lottery Corp.’s underfunded defined benefit pension plan has yet to be completed, according to a new report by the region’s auditors general.
According to the report, the pension plan has swallowed up $87 million in potential profit in order to cover a shortfall between 2012 and the end of 2021. The auditors, however, said a pension committee has been authorized to administer the plan and implement amendments.
“We continue to encourage the shareholder governments to complete implementation of plan amendments to address the pension shortfall and to ensure the financial sustainability of the pension plan,” said the report.
The pension plan review is one of nine recommendations intended to improve the corporation’s governance and business agility. So far, only four of the recommendations have been implemented.