Minister clarifies liability issue

Finance Minister Lloyd Matthews said today that the total unfunded liability of the public sector pension plans is $3 billion, not the one billion as indicated by NAPE President Tom Hanlon in the Telegram today.

"Yesterday, I said that �it should be noted that provincial public sector plans are seriously underfunded. In fact, today there is a deficiency of about $3 billion.� I was talking about all public sector pension plans," said Minister Matthews. "I want to clarify any confusion that may have been created by comments by Tom Hanlon referring to a one billion liability."

The $3 billion includes the unfunded liability of all public sector pension plans, including the Teachers� Pension Plan, the Uniformed Services Pension Plan, the MHA Pension Plan, and the Public Service Pension Plan (to which Mr. Hanlon was referring). The PSPP�s portion of the liability is $1.057 billion.

Media contact: Paula Dyke, Communications, (709) 729-0329.

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