News Release

FREDERICTON (GNB) – Vestcor Corp. has been created and its two operating companies are continuing to prepare for their Oct. 1 activation date.

The companies will comprise the New Brunswick Investment Management Corp. and the Pensions and Employee Benefits Division of the Department of Human Resources.

Vestcor Corp. was created by the trustee boards of the Public Service Shared Risk Plan, which covers most employees in the provincial civil service, and the New Brunswick Teachers’ Pension Plan. It will provide services to its respective plans and to a number of other public sector clients.

“This is a huge step forward as we prepare for the initiation of the Vestcor companies in October,” said Marilyn Quinn, chair of the board of trustees for the public service plan. “As we have made clear since beginning this process, the transition to our new governance structure will be absolutely seamless to all our clients and stakeholders.”

Although Vestcor Corp. is now a legal entity, the individual companies will assume full operation on Oct. 1. The New Brunswick Investment Management Corp. will become Vestcor Investment Management Corp., and the Pensions and Employee Benefits Division will become Vestcor Pension Services Corp.

”The Vestcor companies will be cost-efficient, independent service-providers,” said Larry Jamieson, chair of the board of trustees for the teachers’ plan. “The new structure will provide flexibility in adding other public sector clients requiring administration or investment management services, which would serve to create even further efficiencies.”

Under the provincial government’s pension reforms that took place in 2012 and 2014, the boards of trustees for the public service and teachers’ plans became responsible for their governance and operation. Creating Vestcor Corp. as a jointly-owned, not-for-profit organization follows industry best practices and is a natural evolution in governing and managing the plans.

The New Brunswick Investment Management Corp. provides innovative, cost-effective and prudent investment management services for more than $13 billion of pension assets and other public pools of capital.

The Pensions and Employee Benefits Division administers the day-to-day operation of 11 pension plans as well as benefit programs for about 55,000 active and 30,000 retired members in Parts I, II, III and IV of the provincial government along with a number of quasi-public organizations.

More information is available online.