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Food Security
Assessing the Fiscal Sustainability of Newfoundland and Labrador’s Defined Benefit Public Sector Pension Plans
 A Provincial Comparison of Public Employee Retirement Schemes and their Fiscal Impacts

Submitted to: Miss Rebecca Newhook Cooperative Education Coordinator Faculty of Arts and Science, Memorial University of Newfoundland Submitted by: Matthew Yong Chung Hui Bachelor of Arts Student (Economics) – Class of 2014 Student Number – 200919348 Memorial University of Newfoundland Submitted on: August 6th, 2012

2|Page

Letter of Submittal
34, Harvey Road St. John’s NL A1C 5V5 P.O. Box 5127 August 6th, 2012 Ms. Rebecca Newhook, Co-operative Education Coordinator Faculty of Arts and Science Memorial University St. John’s NL A1B 3X5

Dear Ms. Newhook This is to inform you that the following document contains my work term report in which a study was conducted to analyze the sustainability of Newfoundland and Labrador’s defined benefits (DB) public sector pension schemes and identify the policy recommendations for a more cost-effective public employee retirement scheme. In my current position as a Research Intern with the Board, I work under the supervision of the Chief Executive Officer, Ms. Nancy Healey in conducting research and providing analysis and interpretation on policy issues that affect the business community. The study I conducted for my work term report corresponds with the aforementioned objectives as the implications of the growth of public pensions’ unfunded liabilities is exacerbating the province’s debt burden. From the study, it is clear that the plan performance and fiscal burden of Newfoundland and Labrador’s public employees’ pensions program clearly lags and outweighs that of other provinces that have initiated major reforms of their public retirement schemes. Among the indicators that led to this conclusion are lower average funded ratio among the pension plans, a higher proportion of provincial expenditure earmarked for pension



References: Appendix I: Pension Funding Act (1981 Original) 58 | P a g e Total Unfunded Public Sector Pension and Retirement Benefit Liability as a share of Net Provincial Debt (2001-2011) 60% 50% 40% 30% 20% 10% 0% 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

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