WorkSafeNB’s board of directors announced today that the 2017 assessment rate under the Firefighters’ Compensation Act (FC Act) will remain at $690 per firefighter.
The rate is effective January 1, 2017.
The rate is designed to cover continuing claim costs while reducing the unfunded liability.
The board of directors decided to maintain the rate for 2017 because of stable claim costs and positive investment returns.
When the FC Act and its Disability Fund were established in 2009, it was expected that it would take a maximum of 20 years to achieve full funding status. Since then, the funding status has steadily improved, from a low of 0.1% in 2009 to 46.8% as of December 31, 2015.
A fully funded status ensures the future security of benefits for New Brunswick’s firefighters and their dependants.
WorkSafeNB is responsible for administering the FC Act. This includes the payment of benefits to firefighters or former firefighters and dependants, and levying and collecting assessments from municipalities, rural communities, and local service districts.