The New Brunswick government has asked the City of Saint John to rework reform proposals for its ailing pension plan.
City manager Patrick Woods says staff will meet as soon as possible to begin that process. Woods has informed employees in writing to say the final reform package would be presented to the legislature in the fall and will be part of council’s 2012 budget deliberations.
The city manager’s cautionary note comes as councillors publicly air concerns about potential financial problems facing the city. The pension plan’s $129-million shortfall is by far the single largest cost pressure on the city’s books.
As part of its reform package, council has proposed a series of changes to employee benefits and adjustments to deficit payment schemes.