There has already been a major change with the city’s pension plan by going with the shared risk model but another big change is in the offing according to Mayor Mel Norton who says it could mean Saint John paying off its pension deficit in 10 years time instead of 15.
Norton tells CHSJ News municipalities around the province could merge all of their individual pension plans into one large plan sometime in 2014.
Norton says having one big plan would offer more protection, lower administration costs and with more money to invest generate larger returns.
