Thank you, Mr. Chairman. I am here to present Bill 12, Northern Employee Benefits Services Pension Plan Act, which is legislation that was identified as a priority in the 17th Legislative Assembly.
The Northern Employee Benefits Services Pension Plan, or NEBS, is a defined benefit plan similar to the one Government of the Northwest Territories employees have designed for public sector and non-profit employees working throughout the Northwest Territories and Nunavut.
There are 42 NWT employers now active in the plan supporting their staff to make retirement plans that will meet their needs. In the NWT there are 712 active members, 320 deferred members and 143 pensioners in the NEBS Pension Plan.
Bill 12 is a result of a unique collaborative effort between the government, the Government of Nunavut and NEBS. This legislation is required to address the absence of an existing legislative framework to guide the NEBS Pension Plan as it currently operates and also to provide stability and structure for the pension plan.
Bill 12 supports the 17th Legislative Assembly vision
of strong individuals, families and communities sharing the benefits and responsibilities of a unified, environmentally
sustainable
and
prosperous
Northwest Territories. I believe that this bill is
evidence of a strong, independent North built on collaborative partnerships in an environment intended to sustain present and future generations.
I appreciate the efforts of the respective standing committees in each jurisdiction in working with the governments and NEBS in order to find ways to improve the legislation which resulted in the reprinted bill before us today.
This bill is essential in that it provides a framework of shared responsibility for retirement planning that supports residents not covered by other existing pension plans that work in the public sector. It will enable NEBS to work with northern communities and non-profit organizations to provide their workforce with benefits, opportunities and choices they might not otherwise be able to obtain or possibly even afford.
In short, this bill will be beneficial to Northwest Territories residents.
That concludes my opening remarks.