Friday, March 20, 2020

SPECIAL UPDATE FROM YOUR BOARD OF TRUSTEES IN WAKE OF COVID-19 OUTBREAK

Your Board of Trustees met for their regularly scheduled quarterly meeting on March 18, 2020. In respecting the advice of the Chief Medical Officer and Department of Health, we chose to practice social distancing by meeting through online video link.

We met with Vestcor, the NBPSPP’s investment manager and administration services provider, and carefully reviewed the steps each are taking to support our Plan through these types of events. In addition, we met with the Plan’s actuary, Morneau Shepell, to review the projected long-term impact of the market volatility (impacts of the market downturn) on the Plan. We are pleased to inform you that the NBPSPP remains resilient, and that our diversified investments have reduced the market volatility experienced.

In addition, our service providers have activated their business continuity plans, ensuring that our investment, administration, and actuarial operations continue to be provided.

We continue to monitor this situation closely, and will provide updates as necessary. In addition, your spring newsletter will be released in early April.