Double bonus payments net N.B. pension fund executives record rewards
Vestcor adopted new bonus program in 2021, but delayed cancelling old one
Investment managers and executives with the Fredericton-based firm that oversees New Brunswick government pension funds earned a record $8.4 million in bonus pay in 2021 from two incentive programs that operated simultaneously, records show.
The bonuses earned by senior personnel of Vestcor were $3.3 million higher than the previous record amount paid in 2019 and $4.3 million higher than what was paid in 2020.
Much of the increase was generated by the operation of two bonus programs in 2021 that in many cases paid rewards to employees for the same achievements twice.
The size and growth of Vestcor's bonus program is one of the issues New Brunswick's Office of the Auditor General said in 2021 it would like to review with the organization. At the time, Vestcor disputed that it is subject to the auditor general's authority any longer, in what has become an ongoing issue between the two.
"Vestcor's accountability to government, the Legislative Assembly and the public remains a significant concern for our Office," declared a report issued by new Auditor General Paul Martin earlier this year.
"Two of our most significant areas of concern continue to be NB Power's ability to self-sustain its operations and the Auditor General's access to Vestcor."
Vestcor
invests $21 billion in pension and other assets at home and around the
world. It helped finance construction of the new Fredericton office
building at 140 Carleton St. and then became a key tenant by moving its
offices into the fourth floor. (Joe McDonald/CBC)
Vestcor is headquartered in Fredericton and was set up in the 1990s to manage what has become $21 billion in New Brunswick government employee pension and other funds.
It was originally a Crown agency but was reconfigured, renamed and given its independence in 2016.
It's now jointly owned by the province's two largest public pension plans serving New Brunswick civil servants and teachers, but it also oversees the retirement plans of hospital workers, nurses, Crown corporation employees, provincial court judges, MLAs and other groups.
Vestcor also manages other investment accounts, including University of New Brunswick endowment funds, retirement accounts for other organizations like the City of Fredericton and nuclear waste and decommissioning funds for NB Power.
Although Vestcor is not owned by government any longer, two New Brunswick auditor generals have argued "the significant amount of funds from public sources Vestcor manages" as well as its "extensive government-entity client base" make its operations a public interest concern.
Auditors concerned
Vestcor has offered incentive programs to employees for more than two decades. The organization argues bonus pay is standard in the investment industry, helps to recruit and retain quality employees and incentivizes good performance.
In Vestcor's case, bonus payments started out at modest levels but over the years grew significantly, an issue that eventually caught the attention of auditors.
"The Auditor General should have unrestricted access to audit the reasonableness of Vestcor's incentive program," former New Brunswick Auditor General Kim Adair-MacPherson wrote in her report on the matter in early 2021.
"Vestcor has paid over $30 million in employee incentives (bonuses) since 2010 and incentives have increased by almost 500 per cent since 2010. Five senior executives have received almost $19 million in incentives and salary since 2014."
Kim
Adair-MacPherson, New Brunswick's former auditor general, issued a
report in 2021 calling on the province to explicitly give her office the
authority to audit Vestcor. Among other issues, she said the
organization's escalating payments of bonuses to employees should be
reviewed. (Michel Corriveau/Radio-Canada)
In its latest annual report released last week, Vestcor disclosed there had been an internal overhaul of "incentive pay" at the organization that took effect on Jan. 1, 2021 — just before Adair-MacPherson's report — that further boosted bonuses from amounts she was already concerned about.
Vestcor created a new simplified bonus pay structure to replace the previous system and added both enhancements and restrictions.
One new rule requires bonus amounts earned by employees to be paid out over four years, including 50 per cent in the first year and equal amounts in subsequent years with interest accumulating on amounts not immediately paid out.
Promises were also made to employees that the new bonus plan would be as generous as the one it replaced and would produce "outcomes similar to those under the prior program."
Despite that, there was also a decision not to completely end the prior bonus program when the new one took effect. Instead, Vestcor's board of directors voted to keep the most lucrative part of the original bonus system operating alongside the new system for 2021, 2022 and 2023.
New
Brunswick's new auditor general, Paul Martin, renewed calls by his
predecessor for authority to audit Vestcor's operations. In a report in
February, his office called the issue one of its two largest concerns. (Submitted)
"Employees … will continue to be eligible to receive annual payments determined under the previously existing … plan," explained Vestcor in its annual report about the decision to run two bonus systems simultaneously.
"These remaining applicable payments will continue to be subject to Board of Director approval."
Double bonus payments
The result was double bonus payments and record earnings for a select group of Vestcor employees in 2021, including the organization's four most senior executives.
John Sinclair, Vestcor's longtime president and chief executive officer, who received $882,721 in bonus pay in 2019 and $681,412 in 2020 under the old incentive plan, received $1,278,750 in 2021.
About two-thirds of Sinclair's bonus pay, $828,750, was generated by the new bonus system but $450,000 came from the old bonus program that was allowed to operate alongside it.
That pushed Sinclair's total earnings for the year, including his base salary ($375,053) and contributions Vestcor made to his pension account ($115,386) to $1.77 million.
Three other senior executives who had shared just under $1 million in bonus pay in 2020, shared $2.16 million in 2021. Most of that increase came from $766,300 generated from the still active older bonus program that was allowed to run alongside the new program.
Sinclair emailed response
In an email, Sinclair noted an external consultant hired by Vestcor approved the concept of the two bonus programs running at the same time until the "deferral process" of the new bonus plan fully unfolds.
Also, Sinclair said the portion of the old bonus program that is still running was designed to pay amounts based on four-year results and so has a natural lag time built into it.
"The long-term four-year focus, and implied waiting period to receive the applicable payout, provided a strong alignment with long-term client objectives while also providing a strong long-term employee retention motivation," wrote Sinclair. "The wind down … completes the previously initiated four-year cycles."
However, according to Vestcor's annual report, the two bonus programs overlap in significant ways and operating them at the same time has resulted in employees being rewarded twice for the same achievement.
Both, for example, reward employees when investment returns hit levels above targeted amounts over four-year periods.
In 2021, Vestcor reported its funds earned combined returns over four years of 7.5 per cent, 0.98 per cent above the target amount. That triggered substantial rewards for Vestcor employees from both bonus pools.
On that point, Sinclair suggested that is natural given both the "legacy" bonus scheme and new one were designed to reward the same long-term results, "resulting in a strong focus on the importance of four-year client returns."
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N.B.'s auditor general is wrong to claim authority over Vestcor, pension body claims
7 months after being pilloried in AG report, Vestcor defends itself to MLAs
"We felt a little bit exposed when that original AG (auditor general) report came out and we didn't have the opportunity to respond," John Sinclair, the president of Vestcor, said during a two hour hearing in front of the Legislature's Public Accounts Committee
"Having a report like that tabled does create quite a bit of angst."
Vestcor is the Fredericton-based organization set up to manage nearly $20 billion in New Brunswick government pensions and other funds.
It's jointly owned by the province's two largest public pension plans serving civil servants and teachers, but also oversees the retirement plans of hospital workers, nurses, Crown corporation employees, provincial court judges, MLAs and other groups.
Vestcor also manages other investment accounts, including University of New Brunswick endowment funds, retirement accounts for the city of Fredericton and nuclear waste and decommissioning funds for NB Power.
Vestcor's
$19.4 billion in holdings include real estate. It helped finance
construction of the new Fredericton office building at 140 Carleton and
last year became a key tenant by moving its offices into the fourth
floor. (Joe McDonald/CBC)
It used to be a Crown agency but was reconfigured, renamed and given its independence in 2016.
In a bitter showdown last year, it refused demands by then New Brunswick auditor general Kim Adair-MacPherson to turn over internal financial information she said she needed to complete her audit of the province's finances because of the way pension liabilities can affect its bottom line
In February in a scathing report about that dispute and other matters, Adair-MacPherson asserted her office's right to investigate Vestcor's operations and called on MLAs to help her make that happen.
"In our view, the Auditor General Act, as it stands, grants the Auditor General authority to audit Vestcor," said Adair-MacPherson in her report.
"To prevent future disagreements over access, however, we propose a regulation be added to the Auditor General Act to explicitly list Vestcor as an auditable entity."
"Decision makers have to agree that they want this entity subject to audit."
Adair-MacPherson,
New Brunswick's former auditor general, issued a report in February in
which she said Vestcor refused to hand over internal financial
information she needed to complete her audit of the province's finances. (Michel Corriveau/Radio-Canada)
Adair-MacPherson has since left to become the auditor general in Nova Scotia, but MLAs responded to her call for help by voting unanimously to summon Vestcor to answer questions.
That resulted in Friday's hearing.
In a lengthy opening statement, Sinclair repeated Vestcor's central claim that it is independent of the provincial government and the office of the auditor general has no authority to oversee its operations.
He especially disputed a detailed section of the auditor general's report that argued MLAs had been promised during Vestcor's creation that it would be subject to ongoing oversight by the auditor general's office
In a section of the 48 page report entitled "Legislators were told the Auditor General would still have access to Vestcor" Sinclair and Vestcor lawyers were quoted as assuring MLAs in 2016 that oversight would continue.
On Friday, Sinclair said those were misrepresentations of the full explanations given at the time which made it clear Vestcor would be completely independent.
"That was some very unfortunate choices of analysis If you look at those references," said Sinclair.
"I find it very hard to believe that there was anybody in that committee that didn't understand that there would no longer be access to the AG in that Act."
New Brunswick's Auditor General Act grants broad powers to look at any "auditable entity," which can include "a service provider" to government or "a funding recipient."
The province pays Vestcor more than $300 million a year as its share of employee pension contributions and during his questioning of Sinclair, Liberal MLA Robert McKee said he supports the position put forward by the auditor general that those contributions trigger a right to audit Vestcor.
Liberal MLA Robert McKee said he thinks the province should have the power to audit Vestcor. (Government of New Brunswick)
"The auditor general stated that she believed in the Auditor General Act that Vestcor was and is an auditable entity and we agree with that, at least I do." said McKee. "The business of Vestcor is public in nature."
Progressive Conservative MLA Bill Hogan said, as a retired teacher with a pension managed by Vestcor, he had concerns about the auditor general poking around inside the organization
"This whole notion somehow that the auditor general should have access to my private information, through you, is a little disturbing," said Hogan.
"I find it to be an overreach on the part of the auditor general."
New Brunswick's acting Auditor General Janice Leahy had no comment Friday on Vestcor's appearance but her office said she will have something to say in the months ahead.
"The auditor general will be commenting on Vestcor in the next financial audit volume," said spokesperson Jolyne Roy in an email.
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MLAs back auditor general unanimously in dispute with pension manager
Vestcor now required to appear before the public accounts committee in the coming days
New Brunswick MLAs from all parties voted Wednesday to call officials from the pension management agency Vestcor in front of the legislature's public accounts committee, in a striking show of support for Auditor General Kim Adair-MacPherson in her ongoing dispute with the former Crown entity.
"Members of the government side support the motion fully keeping in the spirit and the theme of government members supporting the auditor general fully at all times," Progressive Conservative MLA Jeff Carr said before casting his own vote to summon Vestcor to answer questions.
Although the motion to summon Vestcor was originally made Tuesday by People's Alliance Leader Kris Austin, Green Party MLA Megan Mitton also spoke in favour of it as did Liberal MLA Rob McKee.
"I think it's important that we be able to ask questions of Vestcor," said McKee.
People's Alliance MLA Michelle Conroy paused to make note of the unanimous support.
"Thank you everybody. We love to see a collaborative working government," she said.
Vestcor is the Fredericton-based organization set up to manage what is now $18 billion in New Brunswick government pension and other funds.
Formally known as the New Brunswick Investment Management Corporation, it was created and owned by the province for more than two decades and subject to full review by the auditor general's office.
However, in 2016 it was given its independence and rebranded as Vestcor, and when Adair-MacPherson requested access to a number of its financial documents beginning in late 2019, the agency refused.
In a statement released this week, Vestcor accused the auditor general of attempting to overstep her authority now that it is on its own.
"Our analysis and advice have indicated that the auditor general should be much more limited with respect to access to Vestcor related information than what had been requested, and we therefore have had to respectfully decline these requests," read the statement.
The defiance has been received cooly by Adair-MacPherson, who is adamant Vestcor is still subject to provincial oversight, and this week she turned to MLAs for help enforcing her point.
Billions of dollars in funds Vestcor invests impact the New Brunswick government's financial statements, and the province pays Vestcor millions of dollars in annual pension contributions on behalf of employees.
In a written response to the vote by MLAs, Adair-MacPherson said she was pleased the public accounts committee so quickly agreed to call Vestcor to appear before it.
"The hope of this recommendation, along with others in our report, is to prevent future disagreements over access so that my office can fulfil our legislated mandate as per Auditor General Act and conduct necessary audit work of over $18 billion in New Brunswick public sector related funds," she said.
Last year, hundreds of millions of dollars in nuclear decommissioning and spent fuel management funds managed for NB Power by Vestcor lost value in the COVID-19 market crash in March. This transformed the utility's profit into a loss and drove down the province's surplus.
Adair-MacPherson insists those financial ties mean Vestcor is still within her authority to audit.
"Vestcor is an auditable entity because, in substance, it is both a service provider on behalf of the Province and a funding recipient from the Province," she wrote in her report.
"The Auditor General is entitled to free access to information that relates to fulfilling her responsibilities, such as the audit of the Province's financial statements, which requires information from Vestcor."
Adair-MacPherson also made the point that Vestcor obtained its independence in part on suggestions it would be freed up to market its expertise and manage funds for public bodies outside New Brunswick.
"We have had preliminary discussions with some fairly big public sector pools of money, even outside the province," she quotes Vestcor CEO John Sinclair telling MLAs back in 2016.
But no out-of-province pools of money have yet signed on, and Adair-MacPherson told MLAs they should be asking questions about that.
"In our view, potential growth outside New Brunswick was one of the main arguments Vestcor and its representatives used to convince Legislators that Vestcor needed to be a private entity," Adair-MacPherson said in her report.
"Since Vestcor has not grown its public sector client base outside of New Brunswick, an audit by the Auditor General could verify and publicly report on what steps Vestcor is taking to grow its public sector client base."
The motion voted on by MLAs not only requires Vestcor to appear before the public accounts committee in the coming days but also puts it on a permanent list of "entities who are regularly called to appear before the committee."
Higgs signals opposition to AG efforts to oversee pension body, hours after MLAs show support
Government MLAs offer auditor support 'fully' in fight with Vestcor but later Premier Higgs denies key request
New Brunswick MLAs from all parties voted Wednesday to call officials from the pension management agency Vestcor in front of the Legislature's public accounts committee, in a striking show of support for Auditor General Kim Adair-MacPherson in her ongoing dispute with the former Crown entity.
But late in the day, Premier Blaine Higgs issued his own statement declaring his government would not alter legislation to force Vestcor to submit to Adair-MacPherson's oversight as she has requested.
"There is no plan to change legislation," Higgs said in the statement, which largely took Vestcor's side in its stand off with the auditor general.
"Vestcor was set up to operate independently, reporting to shareholders, who are the pension holders."
The premier's tone on the issue was a stark change from the morning, when government and opposition MLAs spoke unanimously of their support of a motion aimed at advancing Adair-MacPherson's effort to review Vestcor's operations.
"Members of the government side support the motion fully keeping in the spirit and the theme of government members supporting the auditor general fully at all times," said Progressive Conservative MLA Jeff Carr prior to casting his own vote to summon Vestcor to answer questions.
Although the motion to summon Vestcor was originally made Tuesday by People's Alliance Leader Kris Austin, Green Party MLA Megan Mitton also spoke in favour of it, as did Liberal MLA Robert McKee.
"I think its important that we be able to ask questions of Vestcor," said McKee.
People's Alliance MLA Michelle Conroy paused to make note of the unanimous support.
"Thank you everybody. We love to see a collaborative working government."
Committee Chair and Liberal MLA Lisa Harris echoed Conroy's statement and congratulated all members for the non partisan support of the auditor general.
"This is an example of how public accounts is supposed to work," said Harris after the vote to summon Vestcor was approved. "Bravo team."
The defiance has been received cooly by Adair-MacPherson, who is adamant Vestcor is still subject to provincial oversight, and this week she turned to MLAs for help enforcing her point.
Billions of dollars in funds Vestcor invests impact the New Brunswick government's financial statements, and the province pays Vestcor millions of dollars in annual pension contributions on behalf of employees.
In a written response to the vote by MLAs, Adair-MacPherson said she was pleased the public accounts committee so quickly agreed to call Vestcor to appear before it.
"The hope of this recommendation, along with others in our report, is to prevent future disagreements over access so that my office can fulfil our legislated mandate as per Auditor General Act and conduct necessary audit work of over $18 billion in New Brunswick public sector related funds," she said.
Last year, hundreds of millions of dollars in nuclear decommissioning and spent fuel management funds managed for NB Power by Vestcor lost value in the COVID-19 market crash in March. This transformed the utility's profit into a loss and drove down the province's surplus.
Adair-MacPherson insists those financial ties mean Vestcor is still within her authority to audit.
"Vestcor is an auditable entity because, in substance, it is both a service provider on behalf of the Province and a funding recipient from the Province," she wrote in her report.
"The Auditor General is entitled to free access to information that relates to fulfilling her responsibilities, such as the audit of the Province's financial statements, which requires information from Vestcor."
Adair-MacPherson also made the point that Vestcor obtained its independence in part on suggestions it would be freed up to market its expertise and manage funds for public bodies outside New Brunswick.
"I understand it was voted on to have Vestcor appear at Public Accounts, and I hope that will result in the committee fully understanding the structure and reporting practices of Vestcor," said Higgs in the statement.
Billions of dollars in funds Vestcor invests impact the New Brunswick government's financial statements and the province pays Vestcor millions of dollars in annual pension contributions on behalf of employees.
Last year, when hundreds of millions of dollars in nuclear decommissioning and spent fuel management funds managed for NB Power by Vestcor lost value in the COVID-19 market crash in March, it transformed the utility's profit into a loss and drove up the province's deficit.
Adair-MacPherson insists those financial ties mean Vestcor is still within her authority to audit.
"Vestcor is an auditable entity because, in substance, it is both a service provider on behalf of the Province and a funding recipient from the Province," she wrote in her report.
"The auditor general is entitled to free access to information that relates to fulfilling her responsibilities, such as the audit of the Province's financial statements, which requires information from Vestcor."
Other questions
Adair-MacPherson also made the point Vestcor obtained its independence in part on suggestions it would be freed up to market its expertise and manage funds for public bodies outside New Brunswick.
"We have had preliminary discussions with some fairly big public sector pools of money, even outside the province," she quotes Vestcor CEO John Sinclair telling MLAs back in 2016.
But no out of province pools of money have yet signed on and Adair-MacPherson told MLAs they should be asking questions about that.
"In our view, potential growth outside New Brunswick was one of the main arguments Vestcor and its representatives used to convince legislators that Vestcor needed to be a private entity," said Adair-MacPherson in her report.
"Since Vestcor has not grown its public sector client base outside of New Brunswick, an audit by the auditor general could verify and publicly report on what steps Vestcor is taking to grow its public sector client base."
The motion voted on by MLAs requires Vestcor to appear before the public accounts committee in the coming days, but also puts it on a permanent list of "entities who are regularly called to appear before the committee."
About the Author
Exaggerated success: Province's pension managers profit from 'joke' target, analysts say
Pension analyst says benchmark is inappropriately low, managers being over rewarded
Robert Jones · CBC News · Posted: Apr 24, 2018 6:00 AM AT
Methinks Higgy et al can't deny that this is just one of my many comments before I ran for public office two more times N'esy Pas?
David Amos
Methinks there have been at least three lawsuits since Mr Higgs fixed things that lead to the creation of Vestcor I bet a lot of pensioners are upset by CBC big revaluation today Too bad so sad nobody listened to me in 2004 N'esy Pas?
Deja Vu Anyone???
Exaggerated success: Province's pension managers profit from 'joke' target, analysts say
Pension analyst says benchmark is inappropriately low, managers being over rewarded
Robert Jones · CBC News · Posted: Apr 24, 2018 6:00 AM AT
Methinks Higgy et al can't deny that this is just one of my many comments before I ran for public office two more times N'esy Pas?
David Amos
Methinks there have been at least three lawsuits since Mr Higgs fixed things that lead to the creation of Vestcor I bet a lot of pensioners are upset by CBC big revaluation today Too bad so sad nobody listened to me in 2004 N'esy Pas?
Something between Higgs and John Sinclair
Secrets keep digging
His so funny
https://www.oag-bvg.gc.ca/internet/English/parl_oag_201405_01_e_39332.html
The audit:
https://www.oag-bvg.gc.ca/internet/English/parl_oag_201405_01_e_39332.html#hd3e
"The audit examined whether the Treasury Board of Canada Secretariat, National Defence, the RCMP, and the Department of Finance Canada, consistent with their respective responsibilities and acting in the interest of current and future employees, beneficiaries, employer, and taxpayers, considered relevant information and analyses in managing the public sector pension plans to make them sustainable. It also examined whether these entities carried out selected key aspects of their governance and management responsibilities with regard to the pension plans"
What was your comment? Interested readers would like to know.
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Auditor general recruits MLAs for help in dispute with N.B.'s pension body
MLAs to vote Wednesday morning on summoning Vestcor to the legislature to answer questions
· CBC News · Posted: Feb 24, 2021 6:43 AM AT
Auditor General Kim Adair-MacPherson asked New Brunswick MLAs Tuesday to
help her push Vestcor to release financial records so she can review
its pay and performance processes. (CBC)
New Brunswick's auditor general took a dispute over her authority to dig into the books of the body in charge of billions of dollars in New Brunswick government employee pension funds directly to MLAs Tuesday, a forum that has worked well for her in the past.
Kim Adair-MacPherson told MLAs in her report to the legislature's public accounts committee she has been refused full access to the financial records of Vestcor to review its pay and performance, and requested their intervention to avoid a court fight with the body.
"In our view, the Auditor General Act, as it stands, grants the Auditor General authority to audit Vestcor," said Adair-MacPherson in her report.
"To prevent future disagreements over access, however, we propose a regulation be added to the Auditor General Act to explicitly list Vestcor as an auditable entity."
Vestcor is the Fredericton-based organization set up to manage what is now $18 billion in New Brunswick government pensions and other funds.
It's jointly owned by the province's two largest public pension funds serving civil servants and teachers, but also oversees the retirement plans of hospital workers, nurses, Crown corporation employees, provincial court judges, MLAs and other groups.
Vestcor also manages other investment accounts, including University of New Brunswick endowment funds and nuclear waste and decommissioning funds for NB Power.
It used to be a Crown agency but was given its independence in 2016, in part, so it could market its expertise and manage funds for other out-of-province public bodies.
So far none have signed on, something the auditor general suggested should also be looked into.
She said she also has an interest in reviewing other issues, like how six-figure bonus payments to Vestcor executives are earned and calculated and how its investment strategy is performing.
In 2019, Vestcor paid its top three executives a combined $2.63 million, most of that in bonus and incentive pay.
Vestcor president John Sinclair earned $1.26 million in 2019, most of that from $882,721 in bonus pay. (Vestcor/YouTube)
In a statement posted on its website Vestcor disputed the Auditor General's contention she has the authority to review the body's operations.
"Our analysis and advice have indicated that the Auditor General should be much more limited with respect to access to Vestcor related information than what had been requested, " read the statement.
"We therefore have had to respectfully decline these requests to ensure we can continue to fulfill our contractual and other commitments to our clients."
In addition to wanting the province to order Vestcor to accept the authority of her office, Adair-MacPherson encouraged MLAs to call the body before the public accounts committee to ask their own questions about its operations.
"We're now five years later and some of the things [MLAs] were told have not panned out the way that they were led to believe," Adair-MacPherson told reporters.
"Decision makers have to agree that they want this entity subject to audit."
People's Alliance Leader Kris Austin made a motion for Vestcor to appear before the public accounts committee to answer questions. (Ed Hunter/CBC)
In her report, Adair-MacPherson reproduced letters back and forth between her office and Vestcor trying to arrange a review of materials the body claimed it is not required to disclose.
She said the effort dragged on for weeks and stalled the audit of the province's books until she could trust the valuation of pension assets the province was reporting in its own financial statements.
She said New Brunswick's comptroller had to hire an outside auditor for $30,000 to deal with the matter.
"It was in my view ridiculous the hurdles we had to go through to get to the point to finalize the statements," she said.
Vestcor recently upgraded its accommodations by moving its operations into two floors of a new office tower on Carleton Street, Fredericton's so called "sexiest building."
People's Alliance Leader Kris Austin made a motion to summon the body to answer questions. The committee is scheduled to vote on the matter Wednesday.
It's not the first time Adair-MacPherson has used her appearance in front of MLAs to ask for help.
'It's a simple fix,' says AG
In 2018, she told MLAs her office was underfunded and required a $1-million budget increase to properly do its job. It was a plea political parties immediately added to their election platforms that year and which the Higgs government delivered in its first post-election budget.
On Tuesday, she said she hoped taking her dispute with Vestcor to MLAs would generate support and another swift response.
"It's a simple fix. It's an easy clarification of the Auditor General Act," she said.
"It's my attempt to resolve the issue once and for all."
Exaggerated success: Province's pension managers profit from 'joke' target, analysts say
Pension analyst says benchmark is inappropriately low, managers being over rewarded
Robert Jones · CBC News · Posted: Apr 24, 2018 6:00 AM AT
Methinks Higgy et al can't deny that this is just one of my many comments before i ran for public office two more times N'esy Pas?
David Amos
Methinks there have been at least three lawsuits since Mr Higgs fixed things that lead to the creation of Vestcor I bet a lot of pensioners are upset by CBC big revaluation today Too bad so sad nobody listened to me in 2004 N'esy Pas?
Higgs faces angry retirees over pension changes
Apologizes for lack of consultation on proposed shared-risk model
Robert Jones · CBC News · Posted: Apr 17, 2013 7:07 PM AT
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