NL says it will not help MUN with its pension obligations

Memorial University is facing a new financial challenge after the government of Newfoundland and Labrador announced that it will not contribute $20 M to help the institution address its pension obligations. Minister Darin King said, "we've invested since 2005 about $129 M to assist them in continuing to maintain the top-up of the plan. The pension plan of Memorial belongs to Memorial and its employees, and we felt at this point in time, given the budget predicament we're in, it's not fair to put that on the backs of the taxpayers." MUN's pension fund is currently about 90% funded; King said he believes the government will approve a one-year deferral on MUN's pension plan payment. CBC | The Telegram