Finance Minister Blaine Higgs explains more details of the agreement will be released over the coming days, but he can say the agreement meets their mutual objectives for a more sustainable and affordable plan. The practice of special payments--which have cost hundreds of millions of dollars--will also be done away with.
The plan will now include matching contributions from the teachers and the province. It's also being reported teachers will not be able to retire as early as they can now and the retirees may not always receive cost of living increases. That will depend on how well the pension plan is doing.
The two sides have been working on the agreement for the past four months. Information sessions for teachers about the changes will begin on April 22nd.
