Proposed City Pension Changes Running Out Of Time To Be Passed

Even though the new Common Council has passed proposed changes to the city's pension plan that had been agreed to by the previous Council, there's a big question mark over whether there's enough time to get them approved by the province during the current session of the Legislature.

City Solicitor John Nugent concedes the proposal to suspend indexing for current retirees is unprecedented and will require the Provincial Pension Benefits Act to be amended.

City Finance Commissioner Greg Yeomans warns another 4 million dollars may still have to be cut from this year's budget despite Common Council approving the draft changes last night.

Mayor Mel Norton says if the proposed changes are not approved by the province in the next week and a half, the city will have to start all over again in the fall.