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Wednesday, January 5, 2011

Former Common Councillor Will Sponsor Changes To City Pension Plan

Former Common Councillor turned M-L-A for Saint John Harbour Carl Killen will be sponsoring the legislative changes necessary for the city to reform its pension plan.

The city is asking the province for permission to delay pension payments for a year and to schedule the payments over 25 years instead of over 15.

The Saint John Police Association is asking the M-L-A's to vote against. Deputy Mayor Stephen Chase, who chairs the city's finance committee, warns there will be a fiscal crisis if the changes are not given the go ahead with the prospect of a 13 cent increase in the tax rate if no services are cut.