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Wednesday, December 29, 2010

Deputy Mayor Confident Province Will Play Ball On City Pension Plan

The Chair of the city's Finance Committee says Common Council needs the province's permission to include a one year pension deferral in this year's budget. 

Stephen Chase tells CHSJ News the timeline is a concern but council is confident the provincial government will agree to the deferral which would allow the pension plan payments to be made over 25 years instead of 15 years.

Mayor Ivan Court points out Saint John is not the only city in the province asking for pension help. The Province had to inject an estimated 325 million dollars into its own plan.