Subsequent to the Public Service Pension Plan Reform Agreement, a Joint Sponsorship Agreement has been signed between the Government of Newfoundland and Labrador and the five major unions representing unionized members of the Public Service Pension Plan. The purpose of this agreement is to establish the principles of the Joint Trusteeship as provided for in the September 2, 2014 Reform Agreement.

The Funding Policy and Trustee Corporation Framework attached as schedules to the agreement provide for:

• Two plan sponsors, Government of Newfoundland and Labrador and the plan members (the Sponsors) who, by their common agreement, will be responsible for future plan design changes;
• There will be a Sponsor Body consisting of four to six GNL representatives, six union representatives, one non-union employee representative and one retiree representative appointed by the NL Public Sector Pensioners Association.
• Creation of an independent corporation known as the Public Service Pension Plan Corporation, or PSPP Corporation, which will be a statutory corporation without share capital and which is not a Crown agent, to administer the plan and manage the investment of the Public Service Pension Fund;
• The administration of the plan will continue to be done by the employees of the Department of Finance and the Human Resource Secretariat under a cost recovery contract with the PSPP Corporation for one year with the option of continuing for a second year; and
• Equal sharing by the Sponsors of future actuarial surpluses and deficits.