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Monday, March 26, 2012

City Pension Plan's Future Coming Up At Common Council Tonight

The city's financially beleaguered pension plan comes up at Common Council tonight as testimony resumes this morning at the defamation trial of former Common Councillor John Ferguson. 

Councillor Patty Higgins will be calling on City Manager Pat Woods, who is a member of the Pension Board, to come up with a report on the transition of the city's pension plan from defined benefits to an R-R-S-P model. 

Testimony at the trial last week revealed the Pension Board considered a switch to defined contributions from defined benefits in 2006 but such a recommendation was never made to Common Council. 

Witnesses still to be hear from are said to include Mayor Ivan Court, City Solicitor John Nugent and Finance Commissioner Greg Yeomans.