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Monday, March 5, 2012

Defamation Trial Told A Pension Board Trustee Wants Independent Audit

The defamation trial of former Common Councillor John Ferguson is continuing with the cross examination of Pension Board trustee Fred Slipp.
Ferguson's lawyer Rod Gillis questioned Sleep about a letter another pension board trustee, Glen Tait wrote in 2006 calling for an independent audit of the city's pension plan while adding the pension board trustees don't fully comprehend what has happened to the plan. 

Tait went on to say the silence of the Pension Board could be seen an an admission of mismanagement. Gillis also pointed out that criticisms of the pension plan were being made by other people besides Ferguson.
Slipp, under questioning by Gillis, testified the pension board never recommended indexing be removed even though it was told such a step would save the city's pension plan 29 million dollars.

Slipp also agreed with Gillis the number of disability pensions approved in the city was 3 and a half times the national average as well as costing the pension plan 3 million dollars a year and by 2004 contributions going in were less than the benefits being paid out.