Sisters and Brothers,
This memo comes to you as clarity to an article that was published on June 24th, by CBC regarding senior management in Vestcor getting a bonus from pension plans in New Brunswick. For those not directly involved in the pension world, this article would be extremely disturbing leaving you with a lot of questions.
I’ve been in consultation with the NBCHU CUPE Local 1252 Hospital Pension Plan Trustees to discuss this article and to see which pension plan is paying the bonus. It has been confirmed the bonus referred to are not paid from our pension plan. These are paid from those pension plans whom Vestcor’s investment team are involved in.
Some pension plans in NB have Vestcor as both their administrator and their investment manager/investor of their funds. However, Vestcor is only the administrators of our plan. They have no involvement in the investment management of our funds. The Board of Trustees representing our plan have defined processes for investing our funds and who does it and it does not include Vestcor’s investment team. The administrative needs for our plan would include pension payments, pension estimates, pension sessions, newsletters etc., these are provided by Vestcor, but they have no part in our investments, therefore there are no bonus payments from our plan.
Please reach out to your Local Executive if you have any questions or concerns.
Norma Robinson, President
NBCHU CUPE Local 1252