The new plan will see cost-of-living increases suspended for both active and retired employees until the the plan brings in bigger returns as well as overtime pay no longer being pensionable.
Councillor Chris Titus says it's with a heavy heart that council needs to approve these kind of measures. He says after months of negotiations, the plan seems to be the only option available. However, he remains worried that the cuts will still not be enough to save the plan in the long run.
The city's tax rate could go up as high as 15 cents if reforms are not made.
The revised pension plan needs the approval of the provincial government.
