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Thursday, January 31, 2013

Composition Of Pension Board Decided

In a closed-session special meeting last night, Common Council established how the Board of Trustees for the Shared Risk Plan will be made up, its obligations and how they will be paid.

The Declaration of Trust needs to be finalized by Friday to satisfy the requirements of the Memorandum of Understanding. Mayor Mel Norton says there will be eight trustees: four from the city and one from each union. The most recent document is simply one more step in a much longer process which will necessitate additional documentation being approved by council to complete.

Under the Shared Risk Plan, retirees are not represented on the pension board. One amendment to the draft motion curtailed how far pension trustees are allowed to travel for training seminars.

Councillor Susan Fullerton was the only dissenting vote against the terms of the Declaration of Trust.

The trustees from the unions are Paul Stackhouse (Fire Fighters Local 771), Jamie Hachey (Saint John Police Association), Micheal Meahan (CUPE Local 18), and Paul Johnon (CUPE Local 486), Cathy Craig, Alan Lock, Ian Polley and John de Gruyter (City of Saint John).