Bill 85 - Teachers’ Pension Plan Act

BILL 85

Teachers’ Pension Plan Act

Her Majesty, by and with the advice and consent of the Legislative Assembly of New Brunswick, enacts as follows:

Definitions

1 The following definitions apply in this Act.

“actuarial gain” means an actuarial gain determined in accordance with subsection 17(5); (gain actuariel)

“actuarial loss” means an actuarial loss determined in accordance with subsection 17(5); (perte actuarielle)

“administrator” means the person or persons who administer the plan. (administrateur)

“closed group funded ratio” means the ratio calculated by dividing the market value of the going concern assets of the plan by the funding liabilities of the plan as of the valuation date. (coefficient de capitalisation du groupe sans entrants)

“Consumer Price Index” means Consumer Price Index as defined in subsection 8500(1) of the Income Tax Regulations (Canada). (indice des prix à la consommation)

“cost certificate” means a cost certificate prepared under subsection 14(2). (certificat attestant des coûts)

“escalated adjustment” means an escalated adjustment as defined in New Brunswick Regulation 91-195 under the Pension Benefits Act and includes an adjustment to a benefit under the Teachers’ Pension Act made in accordance with section 10 or 10.1 of the Teachers’ Pension Act. (rajustement actualisé)

“employer” means an employer required to make contributions under the plan. (employeur)

“funding correction” means an action taken in accordance with the plan’s funding policy to address a deficit, including increasing contributions, reducing future base benefits or future ancillary benefits and reducing past base benefits or past ancillary benefits. (correction du financement)

“funding liabilities” means the liabilities of the plan determined in accordance with section 17 and with the assumption that liability for scheduled escalated adjustments will apply in all future years. (passif de financement)

“funding normal cost” means the normal cost determined in accordance with section 17 and with the assumption that the cost of scheduled escalated adjustments will apply in all future years. (coût d’exercice du financement)

“funding valuation” means a valuation of the funding liabilities and funding normal cost of the plan performed in accordance with section 17, which valuation is used to determine the actions that are required or permitted under the funding policy of the plan. (évaluation de financement)

“plan” means the pension plan converted in accordance with subsection 6(1). (régime)

“Regulation 91-195” means New Brunswick Regulation 91-195 under the Pension Benefits Act. (Règlement 91-195)

“Regulation 2012-75” means New Brunswick Regulation 2012-75 under the Pension Benefits Act. (Règlement 2012-75)

“scheduled escalated adjustments” means the form of contingent indexing provided under the plan in which escalated adjustments are provided on an annual basis and the amount of the adjustment is subject to reduction based on the funding policy and the funded status of the plan at the relevant date. (rajustements actualisés réguliers)

“Superintendent” means the Superintendent as defined in the Pension Benefits Act. (surintendant)

“valuation date” means the review date of an actuarial valuation report or a cost certificate. (date d’évaluation)

Application

2 This Act applies to the plan.

Application of Pension Benefits Act

3( 1) Except as otherwise provided in this Act, the provisions of the Pension Benefits Act and the regulations under that Act apply to the plan.

3( 2) Any reference in the following provisions in the Pension Benefits Act to “this Act”, “this Act and the regulations”, “the regulations” or words of like import is deemed to also include a reference to this Act:

(a) 10(10);

(b) 13(1) and (2);

(d) 20 and 28(5);

(e) 34(4);

(f) 41(7), 44(17) and 49(1), (3) and (6);

(g) 53 and 58;

(h) 61(1)(e), 65(1)(a) and (b), 67(1) and 68;

(i) 72(2) and (6) and 73(1);

(j) 82(1), 83(1), 84(1) and 86;

(k) 91(3);

(l) 100.5(8).

3( 3) Unless the context requires otherwise, any reference in the Pension Benefits Act or the regulations under that Act to “shared risk plan” is deemed to also include a reference to the plan.

Application of Regulation 2012-75

4( 1) Sections 7, 11, 12 and 14, paragraphs 15(4)(a) and (b) and subsection 15(5) of Regulation 2012-75 do not apply to the plan.

4( 2) For the purposes of the plan, in Regulation 2012-75

(a) any reference to “funding policy normal cost” shall be read as a reference to “funding normal cost”,

(b) any reference to “funding policy liabilities” shall be read as a reference to “funding liabilities”,

(d) the definition of “termination value funded ratio” shall be deemed to also include the termination value funded ratio calculated under subsection 17(7),

(e) the reference in paragraph 6(2)(a) of that Regulation to “the risk management goals in accordance with section 7” shall be read as a reference to the risk management goal referred to in subsection 11(1) of this Act,

(f) the reference in paragraph 6(2)(e) of that Regulation to “a funding deficit recovery plan in accordance with section 11” shall be read as a reference to the funding deficit recovery plan referred to in section 12 of this Act,

(g) the reference in paragraph 6(2)(f) of that Regulation to “a funding excess utilization plan in accordance with section 12” shall be read as a reference to the funding excess utilization plan referred to in section 13 of this Act,

(h) the reference in paragraph 9(1)(c) of that Regulation to “the risk management goals referred to in section 7” shall be read as a reference to the risk management goal referred to in subsection 11(1) of this Act, and

(i) the references in the following provisions of that Regulation to “paragraph 14(6)(e)” shall be read as a reference to “subsection 17(7) of the Teachers’ Pension Plan Act”:

( i) 16(6);

( ii) 18(1)(b); and

( iii) 18(2).

Conflict

5 Despite section 5 or subsection 6(1) of the Pension Benefits Act or any other provision of that Act or any regulations made under that Act, or any other Act of the Legislative Assembly or any regulation made under those Acts, or any deed of settlement, agreement, contract, trust agreement, pension plan or other instrument, if any provision of this Act is inconsistent with any provision of the Pension Benefits Act or any regulations made under that Act, or with any provision of any other Act or regulation made under that Act, or is inconsistent with any deed of settlement, agreement, contract, trust agreement, pension plan or other instrument, the provisions in this Act prevail to the extent of the inconsistency.

Conversion of pension plan

6( 1) On July 1, 2014, the pension plan under the Teachers’ Pension Act shall be converted to the form of defined benefit plan provided for under Part 2 of the Pension Benefits Act and the regulations under that Act.

6( 2) For greater certainty, on July 1, 2014, a benefit earned, accrued or vested under the Teachers’ Pension Act before July 1, 2014, becomes a base benefit of the plan, and the definitions of “base benefit” and “vested base benefit” in section 100.2 of the Pension Benefits Act apply to those benefits.

6( 3) For the purpose of subsection 10(1) of the Pension Benefits Act, the plan is deemed to be established on July 1, 2014.

6( 4) Despite section 12 of the Pension Benefits Act, subsection 100.52(3) of that Act, the Teachers’ Pension Act and any contract or trust, including a document that creates or supports the plan or its pension fund, the conversion of the plan in accordance with this section is not void if, as of the conversion date, the vested right to escalated adjustments is changed to a form of scheduled escalated adjustments and the amount of those adjustments are reduced below the amount of the vested right to escalated adjustments.

Registration of plan

7( 1) The plan shall be registered with the Superintendent in accordance with section 100.6 of the Pension Benefits Act.

7( 2) Despite clause 100.6(2)(a)(i)(D) of the Pension Benefits Act, the conversion plan with respect to the plan is not required to demonstrate that the contributions are sufficient to pay for projected ancillary benefits.

Benefits under the Teachers’ Pension Act

8 On and after July 1, 2014, all benefits as defined under the Teachers’ Pension Act, including adjustments made to those benefits in accordance with section 10 or 10.1 of the Teachers’ Pension Act, earned, accrued or vested before July 1, 2014, may be revoked, suspended, increased or reduced in accordance with the plan registered in accordance with section 100.6 of the Pension Benefits Act.

Survivor’s pension

9( 1) Section 41 of the Pension Benefits Act does not apply to the plan.

9( 2) A surviving spouse’s pension, a surviving common-law partner’s pension, a children’s pension or other dependant’s pension shall be granted in accordance with the plan text.

Preretirement death benefit

10( 1) Section 43.1 of the Pension Benefits Act does not apply to the plan.

10( 2) If a member or former member dies before the commencement of payment of a benefit under the plan, any benefits under the plan accruing to another person or the estate of the deceased member or former member as a result of that death shall be granted in accordance with the plan text.

Risk management goal

11( 1) The risk management goal of the plan shall be that there is at least a 97.5% probability that the past base benefits at the end of each year will not be reduced over a 20‑year period after taking into account the following:

(a) the funding deficit recovery plan, other than the reduction of past base benefits; and

(b) the funding excess utilization plan, other than permanent benefit changes.

11( 2) The risk management goal shall be met:

(a) on a valuation date that is not more than six months before July 1, 2014;

(b) at the date a permanent benefit change is made;

(d) at the date cumulative increases or cumulative decreases occurring as a result of a change to the funding policy exceed the amount determined under subsection 9(8) of Regulation 2012-75; and

(e) at the date temporary contributions are reduced or removed if that date is before the expiry date of the fixed period referred to in the definition “temporary contributions” in section 2 of Regulation 2012-75.

11( 3) A test of the position of the plan relative to the risk management goal shall be conducted at least once every three years.

Funding deficit recovery plan

12( 1) Within 12 months after the review date of the most recent actuarial valuation report or cost certificate, a funding deficit recovery plan shall be implemented if both of the following conditions are met:

(a) the closed group funded ratio falls below 100%; and

(b) when measured over a three year moving average, the required funding correction exceeds 1% of payroll, taking into account contributions in excess of the funding normal cost over 15 years.

12( 2) Within 12 months after the review date of the most recent actuarial valuation report or cost certificate that caused the implementation of the funding deficit recovery plan, the administrator shall submit to the Superintendent a report that details how the funding deficit recovery plan will be applied.

12( 3) A funding deficit recovery plan shall include the following funding corrections:

(a) the funding corrections allowed under the funding policy, including the order of priority of the corrections and the timing requirements for the corrections;

(b) the reduction of future base benefits; and

12( 4) The funding corrections referred to in subsection (3) may include the following corrections which shall be implemented in priority to the reduction of past base benefits:

(a) subject to subsection 9(8) of Regulation 2012-75, an increase in contributions in accordance with the contribution adjustments allowed under the funding policy;

(b) the reduction or removal of ancillary benefits if they are not vested ancillary benefits; and

(c) the reduction of future base benefits only if the amount of the reduction does not result in member contributions exceeding the funding normal cost.

12( 5) If the corrections made under subsection (4) are not expected to achieve a 100% closed group funded ratio over 15 years, the past base benefits shall be reduced and the future base benefits shall be reduced further in accordance with a determination of the administrator regarding the benefits to be reduced and the priorities, as defined in the funding policy, for applying each reduction.

12( 6) Base benefits shall be reduced under subsection (5) no later than 18 months after the review date of the most recent actuarial valuation report or cost certificate that caused the implementation of the funding deficit recovery plan, unless sufficient improvement has occurred after that review date such that it can be demonstrated to the satisfaction of the Superintendent that the reduction is not required.

12( 7) When a funding deficit recovery plan is submitted to the Superintendent, the following documents shall be submitted with the funding deficit recovery plan:

(a) all actuarial valuation reports prepared in the preceding three years; and

(b) all cost certificates prepared in the preceding three years.

12( 8) Funding corrections shall be reversed in accordance with the priorities established by the funding policy.

Funding excess utilization plan

13( 1) A funding excess utilization plan shall specify the following:

(a) with respect to future payments, that funding corrections may be reversed, other than with respect to scheduled escalated adjustments, when the closed group funded ratio is expected to reach 100% within 15 years, based on contribution levels at the valuation date;

(b) with respect to future payments, that reductions in scheduled escalated adjustments may be reversed when increased contribution levels triggered by the funding policy are no longer required to bring the closed group funded ratio to 100% within 15 years, based on contribution levels at the valuation date;

( i) before contributions may be reduced, which funded ratio shall be at least 115%, and

( ii) before benefit improvements may be granted, which funded ratio shall be at least 120%; and

(d) the portion of the funding excess above the closed group funded ratio referred to in subparagraph (c)(ii) that may be used to provide

( i) benefit improvements other than an improvement in scheduled escalated adjustments, which portion shall not exceed 20% of the funding excess of 110% on a closed group funded ratio if it can be demonstrated to the satisfaction of the Superintendent that the risk management goal referred to in subsection 11(1) will be met, and

( ii) an improvement in scheduled escalated adjustments, which portion shall not exceed 20% of the funding excess of 110% on a closed group funded ratio.

13( 2) A funding excess utilization plan shall contain the following elements:

(a) with respect to future payments, the reversal of any reduction in scheduled escalated adjustments; and

(b) the funding excess utilization actions provided for in the funding policy.

13( 3) The funding excess utilization actions referred to in paragraph (2)(b) may include the following actions:

(a) improvement of ancillary benefits above the base level specified in the funding policy;

(b) reduction of contributions as specified in the funding policy;

(d) if the improvement is allowed under the Income Tax Act (Canada) for the majority of the members, improvement of past base benefits and future base benefits by an amount that does not exceed 10% of the amount of those benefits;

(e) further reduction of contributions such that the maximum contributions allowed under the Income Tax Act (Canada) are not exceeded;

(f) a permanent benefit change;

(g) a retroactive reversal of any reduction of past base benefits; and

(h) any other action acceptable to the Superintendent.

Duties of administrator

14( 1) At least once every three years within nine months after the valuation date, the administrator shall ensure the following:

(a) that, in accordance with this Act and Regulation 2012-75, an actuarial valuation report prepared in accordance with this Act is submitted to the Superintendent; and

(b) that the risk management procedures referred to in paragraph 100.4(1)(d) of the Pension Benefits Act are applied to the plan.

14( 2) In the years in which an actuarial valuation report is not submitted to the Superintendent, the administrator shall ensure that a cost certificate with respect to the funding policy is prepared in accordance with section 9 of Regulation 91-195 and shall submit the certificate to the Superintendent within nine months after the end of the plan’s fiscal year.

14( 3) Within nine months after the end of the plan’s fiscal year, the administrator shall review the following:

(a) the funding policy referred to in paragraph 100.4(1)(b) of the Pension Benefits Act in consideration of the risk management procedures referred to in paragraph 100.4(1)(d) of that Act; and

(b) the investment policy referred to in paragraph 100.4(1)(c) of the Pension Benefits Act in consideration of the risk management goal referred to in subsection 11(1).

14( 4) If an employer intends to significantly increase or reduce the number of members of the plan, the employer shall notify the administrator who shall assess the financial impact on the plan and make recommendations on any required corrective measures.

14( 5) If an actuarial valuation report indicates that the termination value funded ratio is less than 0.9, the administrator shall do the following:

(a) ensure that the plan is reviewed by, and an actuarial valuation report respecting the plan is prepared by, an actuary as of the date that is not more than 12 months after the review date of the previous report; and

(b) submit to the Superintendent the report prepared in accordance with paragraph (a) within nine months after the valuation date.

14( 6) A document required to be filed with the Superintendent under subsection 100.7(1) of the Pension Benefits Act shall be filed within nine months after the end of the plan’s fiscal year.

Report on risk management procedures

15 Despite paragraph 100.7(1)(e) of the Pension Benefits Act, an updated report on the application of the risk management procedures to the plan shall be filed with the Superintendent when an actuarial valuation report is submitted to the Superintendent under section 14.

Actuarial valuation report - going concern valuation

16( 1) The administrator shall ensure that a going concern valuation of the plan is performed by, and an actuarial valuation report respecting the plan is prepared by, an actuary at least once every three years to determine the maximum contributions allowed under the Income Tax Act (Canada).

16( 2) Each subsequent going concern valuation shall be performed not more than three years after the valuation date of the immediately preceding report.

16( 3) The following benefits shall be valued for the purposes of a going concern valuation:

(a) the base benefits;

(b) all ancillary benefits provided under the plan at the valuation date; and

(c) all ancillary benefits provide under the plan immediately before the conversion date, including escalated adjustments and final salary averaging.

16( 4) A going concern valuation shall take into account expected future increases to earnings and any ancillary benefits described in the funding policy of the plan.

16( 5) The maximum contributions allowed under the plan shall be calculated in accordance with the Income Tax Act (Canada) and based on the results of a going concern valuation.

Actuarial valuation report - funding valuation

17( 1) The administrator shall ensure that a funding valuation of the plan is performed by, and an actuarial valuation report respecting the plan is prepared by, an actuary

(a) before July 1, 2014, and

(b) subsequently at least once in every three years.

17( 2) The report required to be prepared before July 1, 2014, shall have a valuation date that is not more than six months before July 1, 2014.

17( 3) Each subsequent funding valuation shall be performed not more than three years after the date of the immediately preceding report.

17( 4) An actuary who prepares an actuarial valuation report as required under this section shall perform a funding valuation of the plan that contains the following information, if applicable:

(a) an estimate of the funding normal cost, showing separately the employer contributions and the total of any member contributions, during the 12‑month period immediately following the valuation date;

(b) the rate of contribution respecting the funding normal cost in each of the 12‑month periods, or parts of such a period, succeeding the initial 12‑month period, up to the date on which the next actuarial valuation report will be prepared, showing, if any, the rule for allocating the rate between the employer and the members;

(c) details of any funding corrections made and required to be made under the terms of the plan, the plan’s funding policy, this Act, the Pension Benefits Act or the regulations under that Act, showing separately the present value of, and the commencement and ending dates of the amortization period of, any new or remaining funding corrections and of any adjustment made or proposed to be made to the funding corrections since preparation of the most recently prepared actuarial valuation report; and

(d) whether and to what extent the cost of or liability for the future cost of scheduled escalated adjustments has been accounted for.

17( 5) For the purposes of preparing a funding valuation, the sum of the following shall be the actuarial gain or loss of the plan:

(a) the gain or loss to the plan, in the period between the review date of the most recently prepared funding valuation and the review date of the current funding valuation, inclusive, determined by deducting the actual experience from the experience expected by the actuarial assumptions on which the most recently prepared valuation was based;

(b) the amount by which the funding liabilities changed during the period referred to in paragraph (a) as the result of an amendment to the plan during that period; and

(c) the amount by which the market value of the going concern assets or the funding liabilities changed during the period referred to in paragraph (a) as the result of a change in the actuarial methods or assumptions used in preparing the current funding valuation as compared to those used in the preparation of the most recently prepared funding valuation.

17( 6) In calculating the sum under subsection (5)

(a) the amount referred to in paragraph (5)(b) shall be treated as negative if the amendment referred to in that paragraph increases the funding liabilities, and

(b) the amount referred to in paragraph (5)(c) shall be treated as negative if the change in the actuarial methods and assumptions referred to in that paragraph results in a decrease in the market value of the going concern assets or an increase in funding liabilities, as the case may be.

17( 7) A funding valuation shall include the termination value funded ratio at the valuation date calculated as follows:

A / B

where

A is the market value of the going concern assets of the plan; and

B is the amount of the funding liabilities of the plan as of the valuation date.

17( 8) An audited financial statement of the plan shall be prepared by the administrator in accordance with generally accepted accounting principles at the same time as an actuarial valuation report is prepared under this section and shall be filed at the same time as the report is required to be filed or is filed, whichever occurs first.

17( 9) For the purposes of a funding valuation,

(a) the valuation method used shall be the unit credit cost method unless otherwise approved by the Superintendent;

(b) the funding liabilities and the funding normal cost of the plan shall be calculated in accordance with accepted actuarial practice and a statement to this effect shall be signed by an actuary; and

(c) the actuarial assumptions used to calculate the funding liabilities and the funding normal cost of the plan shall meet the following criteria:

( i) they shall include a discount rate that complies with subsection 6(3) of Regulation 2012-75;

( ii) they shall reflect the current generational mortality tables approved by the Superintendent; and

( iii) they shall be consistent with the plan experience, future expectations for the plan and accepted actuarial practice.

17( 10) Subject to subsection 14(2), sections 8, 9 and 10 of Regulation 91-195 do not apply to the plan.

Funding correction

18 The total value of funding corrections made to amortize an actuarial loss shall be the amount required to liquidate the actuarial loss, with interest calculated using the interest rate assumed in the funding valuation, in equal monthly instalments as a percentage of payroll over a period of not more than 15 years commencing on the review date of the actuarial valuation report in which the actuarial loss is identified.

Other vested or accrued benefits and amounts

19( 1) Despite sections 24 and 25 and subject to subsection (3), on and after July 1, 2014, entitlement to the following benefits or amounts continues, and the benefit or amount shall be paid from the Consolidated Fund:

(a) an amount that was being paid from the Consolidated Fund under subsection 9(4.3) of the Teachers’ Pension Act on June 30, 2014;

(b) a pension benefit or a portion of a pension benefit to which a deputy head or former deputy head was entitled under subsection 5(3) of the Teachers’ Pension Act on June 30, 2014;

(c) a pension benefit to which a contributor as defined in paragraph (b) of the definition “contributor” in section 1 of the Special Retirement Program Act was entitled under section 3 of that Act on June 30, 2014; and

(d) an amount or benefit to which a person, on June 30, 2014, was entitled in accordance with any of the following programs or policies approved by Board of Management and any amendments made to them by Board of Management:

( i) Early Retirement Program, approved on October 30, 1991, only with respect to contributors under the Teachers’ Pension Act;

( ii) Early Retirement Program for Part II, approved by Board of Management Minute 92-0155, only with respect to contributors under the Teachers’ Pension Act;

( iii) Workforce Adjustment Program, approved on February 7, 1996, only with respect to contributors under the Teachers’ Pension Act; and

( iv) Exit Strategy 2004, approved on March 24, 2004, including the Temporary Early Retirement Program and a Bridge to Age 55 Program, only with respect to contributors under the Teachers’ Pension Act.

19( 2) Despite section 6 and the definitions of “base benefit” and “vested base benefit” in section 100.2 of the Pension Benefits Act, a benefit or amount referred to in subsection (1) shall not be included in the base benefit or the vested base benefit of the plan.

19( 3) A benefit or amount referred to in subsection (1) that was earned, accrued or vested before July 1, 2014, may be revoked, suspended, increased or reduced by Board of Management.

19( 4) Board of Management may only exercise its authority under subsection (3) in a manner and by an amount that is consistent with the manner in which and the amount by which the administrator of the plan revokes, suspends, increases or reduces base benefits or ancillary benefits under the plan.

Immunity

20( 1) The Crown in right of the Province, a minister of the Crown, a person designated to act on behalf of a minister, the Financial and Consumer Services Commission, the Superintendent or an administrator or any of their officers, directors, employees or members is not liable under this Act, the Pension Benefits Act or the regulations under that Act if the minister, person designated to act on behalf of a minister, Financial and Consumer Services Commission, Superintendent or administrator or any of their officers, directors, employees or members exercised the care, diligence and skill that a reasonably prudent person would have exercised in comparable circumstances, including reliance in good faith on a report of a person whose profession lends credibility to a statement made by that person.

20( 2) Despite section 12 of the Pension Benefits Act, the Teachers’ Pension Act and the regulations under that Act, the Special Retirement Program Act and any contract or trust, including a document that creates or supports a pension plan or pension fund, no cause of action, claim or demand arises and no action for damages or other proceeding shall be instituted against the Crown in right of the Province, a minister of the Crown, a person designated to act on behalf of a minister, the Financial and Consumer Services Commission, the Superintendent, an administrator, a trustee, a board of trustees, an employer, the New Brunswick Teachers’ Federation, the New Brunswick Teachers’ Association or the Association des enseignantes et des enseignants francophones du Nouveau-Brunsick or any of their officers, directors, employees, members, agents or advisers in relation to any of the following:

(a) the enactment of, or the exercise of authority under, this Act or the repeal of the Teachers’ Pension Act or of subsection 4(2) of An Act Respecting Pensions under the Public Service Superannuation Act;

(b) a breach of any contract or trust, including a document that creates or supports a pension plan or pension fund, arising out of the enactment of, or the exercise of authority under, this Act;

(c) a breach of any legal duty or obligation arising out of the enactment of, or the exercise of authority under, this Act;

(d) a breach of any contract or trust, including a document that creates or supports a pension plan or pension fund, with respect to any matter referred to in subsections 100.52(1) to (4) of the Pension Benefits Act and subsection 6(4) as they apply to the conversion under this Act of the plan;

(e) a breach of any legal duty or obligation with respect to any matter referred to in subsections 100.52(1) to (4) of the Pension Benefits Act and subsection 6(4) as they apply to the conversion under this Act of the plan; or

(f) a breach of any legal duty, contract or trust arising out of any agreement in relation to the conversion under this Act of the plan.

TRANSITIONAL PROVISIONS

Pension Board

21( 1) In this section, “Pension Board” means the Pension Board appointed under subsection 23(1) of the Teachers’ Pension Act.

21( 2) The Pension Board appointed under subsection 23(1) of the Teachers’ Pension Act is abolished.

21( 3) All appointments of members of the Pension Board are revoked.

21( 4) All contracts, agreements or orders relating to the allowance or expenses to be paid to members of the Pension Board are null and void.

21( 5) Despite the provisions of any contract, agreement or order, no allowance or expenses shall be paid to a member of the Pension Board.

21( 6) No cause of action, claim or demand arises and no action for damages or other proceeding shall be instituted against the Minister of Finance or the Crown in right of the Province as a result of the abolition of the Pension Board or the revocation of the appointments of its members.

CONSEQUENTIAL AMENDMENTS, REPEAL AND COMMENCEMENT

New Brunswick Investment Management Corporation Act

22( 1) Subparagraph 6(d)(iii) of the New Brunswick Investment Management Corporation Act, chapter N-6.01 of the Acts of New Brunswick, 1994, is repealed and the following is substituted:

( iii) one of whom shall be a member of the plan under the Teachers’ Pension Plan Act, and

22( 2) Paragraph 14(1)(b) of the Act is repealed.

Public Service Labour Relations Act

23( 1) Subsection 63(2) of the Public Service Labour Relations Act, chapter P-25 of the Revised Statutes, 1973, is amended

(a) in paragraph (a.1) of the English version by striking out “or” at the end of the paragraph;

(b) by adding after paragraph (a.1) the following:

(a.2) that has been or may be established by the plan under the Teachers’ Pension Plan Act, or

23( 2) The Second Schedule of the Act is amended by striking out “Teachers’ Pension Act” and substituting “Teachers’ Pension Plan Act”.

Special Retirement Program Act

24( 1) On July 1, 2014, the Special Retirement Program Act does not apply to a contributor as defined in paragraph (b) of the definition of “contributor” in section 1 of that Act, and sections 8 and 19 of this Act apply to the pension received by such a contributor under the Special Retirement Program Act.

24( 2) Subsection 4(2) of An Act Respecting Pensions under the Public Service Superannuation Act, chapter 44 of the Acts of New Brunswick, 2013, is repealed.

Repeal of Teachers’ Pension Act

25 The Teachers’ Pension Act, chapter T-1 of the Revised Statutes, 1973, is repealed.

Repeal of regulations under the Teachers’ Pension Act

26( 1) New Brunswick Regulation 84-106 under the Teachers’ Pension Act is repealed.

26( 2) New Brunswick Regulation 85-153 under the Teachers’ Pension Act is repealed.

26( 3) New Brunswick Regulation 98-5 under the Teachers’ Pension Act is repealed.

Commencement

27 This Act comes into force on July 1, 2014.