Nova Scotia – Benefits Canada.com

N.S. providing CAAT DBplus pension plan, comprehensive benefits plan to ECEs, support staff

Sadie Janes — Fri, 05 Jan 2024 14:00:14 +0000

The government of Nova Scotia is introducing a new benefits and pension package for roughly 3,000 early childhood educators and support staff. All employees will be enrolled in the Colleges of Applied Arts and Technology’s DBplus pension plan. The province will fund employers to provide pension contributions retroactive to Jan. 1, 2024. The province will […]

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N.S. legislation allowing private employers to transfer pensions into PSSP

Sadie Janes — Thu, 23 Nov 2023 14:00:16 +0000

Nova Scotia-based private employers can now transfer their pension plans into the Public Service Superannuation Plan. The Private Sector Pension Plan Transfer Act, which received royal assent on Nov. 9, provides all employers based in the province with the option of offering or continuing to offer a defined benefit pension plan with a prescribed funding […]

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Canadian jurisdictions enacting pay transparency legislation, but more work to be done

bwolfe — Tue, 21 Nov 2023 14:00:14 +0000

Pay transparency legislation is quickly gathering steam in Canada as provincial governments take steps towards shrinking the gender wage gap. Prince Edward Island was first to the post with pay transparency provisions in June 2022. While Newfoundland and Labrador’s Pay Equity and Transparency Act received royal assent in November 2022, its pay transparency provisions haven’t […]

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Nova Scotia Labour Board orders St. Mary’s University to resume pension contributions for plan members on LTD leave

bwolfe — Thu, 21 Sep 2023 13:00:42 +0000

The Nova Scotia Labour Board has ordered St. Mary’s University to resume making pension contributions for employees on long-term disability leave, reasoning that the pension committee had no authority to make changes to contribution levels mandated by the plan. “The board found that amendments to the pension plan proposed by the pension committee — the […]

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Which Canadian provinces are introducing right-to-disconnect legislation?

Sadie Janes — Thu, 25 Aug 2022 13:00:06 +0000

While right-to-disconnect legislation provides employees with a clear definition of their expected work hours, governments have to be careful they aren’t overly regulating because people have different ways of working productively, says Elaine Gringauz-Yedlin, chief operating officer of corporate benefits at Johnston Shaw Inc. “I have two young children and sometimes during the day I get […]

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Calls for paid sick leave growing in Nova Scotia following end of coronavirus isolation requirement

bwolfe — Fri, 08 Jul 2022 19:00:38 +0000

Some Nova Scotians are calling for paid sick leave because they say the government’s decision to lift remaining coronavirus health orders will burden families who may feel pressured to go to work while sick. NDP labour critic Kendra Coombes says she’s been inundated with concerns from constituents after chief medical officer Dr. Robert Strang lifted […]

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Nova Scotia’s PSSP returns 5.56% for fiscal year

Gideon Scanlon — Thu, 30 Jun 2022 16:00:26 +0000

The Nova Scotia Public Service Superannuation Plan generated net returns of 5.56 per cent during its latest fiscal year, which ended on March 31, 2022. According to its annual report, the PSSP, a defined benefit pension plan for 41,000 current and former public sector employees in Nova Scotia, saw the value of its assets rise […]

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Nova Scotia’s PSSP sees 15.75% return: annual report

Gideon Scanlon — Wed, 30 Jun 2021 19:00:10 +0000

Nova Scotia’s Public Service Superannuation Plan saw a 15.75 per cent return net of investment fees for the fiscal year 2020/21, generating $1 billion in total investment income. The plan’s funded status increased to 97.9 per cent at March 31, 2021, from 91.4 per cent the previous year. Its total net assets were about $7.2 […]

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Nova Scotia providing residents with early access to retirement savings

bwolfe — Tue, 15 Jun 2021 13:00:10 +0000

Nova Scotia is allowing residents to apply directly to their financial institution to access their retirement savings when facing financial challenges. Under amendments to provincial pension legislation effective July 1, a person may be approved to access part of a locked-in retirement account or life income fund if they expect less than $41,067 in income […]

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Nova Scotia’s PSSP reports 98.5% funded status, halts indexing for five years

mschmit — Wed, 01 Jul 2020 03:42:05 +0000

Nova Scotia’s Public Service Superannuation Plan reported a 98.5 per cent funded status as of Dec. 31, 2019 and said it will halt cost-of-living adjustments for retirees for the next five years. According to the plan’s 2020 funded health review, its funding policy prohibits indexing when the PSSP’s funded status is below 100 per cent. […]

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