On June 15, 2015, a Pension Reform Agreement was reached, and signed, between the Newfoundland and Labrador Teachers' Association (the "NLTA") and the Government of Newfoundland and Labrador (the "Government").

On March 15, 2016, a Joint Sponsorship Agreement (JSA) was signed by the NLTA and the Government. Under joint sponsorship, both the NLTA and the Government are responsible for the Plan and its sustainability. The JSA sets out the responsibilities and duties of the NLTA and the Government, both of whom have appointed representatives to what is known as the Sponsor Body.

The ultimate goal of the Pension Reform Agreement and the JSA is the creation of a world class Teachers' Pension Plan Corporation (TPPC) to administer the Teacher's Pension Plan and its Pension Fund. The JSA sets out responsibilities for both the Sponsor Body and the TPPC toward achieving that end. The TPPC has been set up to operate as a cost effective, agile and nimble organization. The team is responsible for plan administration, investment management, information technology, accounting and finance, treasury management, human resources and risk management.

The assets of the Plan were transferred from the Province to the Teachers’ Pension Fund under the trusteeship of the Corporation. The $1.862 billion Promissory Note included in the Pension Reform Agreement was provided to the Corporation on August 29, 2016 and is an asset of the Plan.

As a result of all of these changes, the Government no longer guarantees any pension deficiencies that may exist. Instead, future deficits and surpluses will be shared equally by the sponsors – the Government and the Pension Plan members as represented by the NLTA.