Indexing Of City Pensions Could Be Casualty Of Financial Downturn

The provincial government won't approve any changes to the city's pension plan unless the liabilities are reduced. So says Common Councillor Bruce Court who also sits on the pension board.

Court says one change could be to eliminate indexing of city pensions to the cost of living which would save the city 75 million dollars.

He adds indexing was fine and dandy when the pension plan was running a surplus but that's no longer the case as the losses mount with the downturn in the stock market.