AG Says Teachers’ Pension Plan Has A 1.4 Billion Dollar Deficit
Provincial Auditor General Michael Pickup says the Nova Scotia teachers’ pension plan is in very concerning financial shape in his October report.
Pickup says the plan is funded at only 77.7 per cent with a deficit of $1.4 billion shared equally between teachers and the government.
He also says retiring teachers may not get an increase in their pensions for the foreseeable future.
Pickup’s report also cites significant weaknesses in financial controls at IWK hospital, the provincial Health Authority and Housing Nova Scotia.
Pickup is looking at IWK expenses after it was revealed its former CEO charged more than 47-thousand dollars in personal expenses to the hospital.