Yaldaz Sadakova
Changes to St. John’s pension plan for its city councillors were approved unanimously during a council meeting earlier this week.
The main issue with the plan was that it didn’t require elected officials to contribute any money to their pension fund.
It’s been an issue for quite a while that the plan was non-contributory, according to councillor Danny Breen.
Under the old plan, city councillors received 20% of their salary after two terms, 40% after three terms and 60% after four terms or more.
Future councillors will now contribute 6% of their pay to an RRSP. Current councillors will be allowed to transfer to the new plan or remain in the existing plan. If they stay in the old plan, they will now have to contribute 6% of their salary.