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GOVERNING DOCUMENTS
by Vestcor
The NBTPP is governed by a number of important documents that serve to guide the Board of Trustees in its oversight of the Plan.
Agreement and Declaration of Trust
The Agreement and Declaration of Trust came into effect on July 1, 2014, the date of conversion from being a defined benefit plan to a jointly-governed target benefit plan. This document ensures that the Teachers’ Pension Act pension fund continued as a trust fund under the NBTPP. The document also outlines the powers and duties of the Board of Trustees as Plan Administrator.
Plan Text
The Plan Text contains the detailed provisions of the Plan as it applies to eligibility, contribution and benefit calculations, retirement, as well as to the Funding Policy, Statement of Investment Policies, and risk management framework required by the Teachers’ Pension Plan Act and the Pension Benefits Act
For a list of amendments made to the governing documents in 2022, please refer to the NBTPP newsletters available at nbtpp.ca
Updated versions of these documents are also available online.
Funding Policy
The Funding Policy is the tool used by the Board of Trustees to manage the risks inherent to the NBTPP. It provides guidance and rules regarding decisions that may have to be made by the Board of Trustees based on the results of the actuarial funding valuations and risk management tests.
The Board is required to regularly monitor the economic and demographic environment and update the Funding Policy or recommend its amendment. Confirmation of the annual review of the Funding Policy must be submitted to the Superintendent of Pensions.
Statement of Investment Policies
The Statement of Investment Policies outlines the investment policy for the NBTPP Trust, taking into account that it must be managed in a way that provides secure pension benefits in the vast majority of economic scenarios.
The Statement of Investment Policies details the asset mix of the NBTPP Trust (i.e., how the pension fund is to be invested) and the benchmarks against which the investment returns are measured. It must be reviewed annually by the Board, and the confirmation of this review must be submitted to the Superintendent of Pensions.
