(Saint John City Manager Pat Woods)
(File Photo)
The long awaited changes to the city's financially beleaguered pension plan are now reality.
Common Council will accept City Manager Pat Woods' recommendations to the pension to help make it more self-sufficient.
They consist of two sets of changes -- one for fire, police and the inside workers at City Hall and the other for the outside workers, management, professional, and non-union members.
The former will see their pension credit reduced from 2 percent to 1.5 percent per year as well as having their benefits slashed by about 40 percent. However, they would still get their wage increases.
The latter group will see benefits cut by about 20 percent but with a 2 year wage freeze.
City Manager Pat Woods concedes it's not an easy pill to swallow but the changes will bring down the city's annual payments from 20.7 million dollars to 13.7.
