Yeomans reminded the court that 2008 was one of the worst economic downturns on this planet in 80 years. He said the pension plan experienced a 28.6% investment loss, and that's what created the currently precarious fiscal situation.
He said Saint John isn't alone in its position, hower; last year, Montreal had to put $607 million into their plan, up from $130 million in 2005, and Regina is similarly strapped. That being said, he he doesn't believe the city can go bankrupt, because the province would step in under the Municipalities Act.
After Yeoman's testimony, the final witness for pension board lawyer Barry Morrison's took to the stand. City solicitor John Nugent bea trustee of the pension plan in 2003.
Nugent testified integrity is the cornerstone of his professional life, because communications between lawyer and client are sacrosanct. But, said Nugent, that's the code of conduct people should hold themselves to anyway.
Nugent says he wasn't concerned even once he realized the number of disability pensions the board was awarding was significantly higher than the industry standard. He said he didn't worry because he felt confident that all the information had been shared with him, and the board worked to clarify the definition of disability.
