Saint John Pension Fund.
Been awfully busy lately getting ready for Christmas, but thought this issue is intresting.
Looks like it's finally caught up with them. The Saint John pension fund is $44 million dollars in the hole, and the council has put off dealing with it for the last two years. The provincial superintendent had ordered the city to start funding $12 million by next month. In the short term the city is going to borrow the money to start paying back into the fund. In the long term the City manager Terry Totten says they could raise taxes, increase contributions and decrease benefits paid out to retired workers. OR they could ask the province to repeal the City of Saint John Pension Act and replace it with new legislation that would give the control of the fund to the City. Union leader Bob Davidson obviously does'nt like this suggestion. Looks like a big fight brewing between the City and it's unions?? This could be a nasty fight me thinks.......Saint John Residents.....hang on!!
Intresting though, how they have all kinds of money to give huge tax breaks to large companies.....but no money for the city pension fund, and residential taxes have to move up big time......hmmmmmmmmmmmmmmmm. What's wrong with this picture?????
Looks like it's finally caught up with them. The Saint John pension fund is $44 million dollars in the hole, and the council has put off dealing with it for the last two years. The provincial superintendent had ordered the city to start funding $12 million by next month. In the short term the city is going to borrow the money to start paying back into the fund. In the long term the City manager Terry Totten says they could raise taxes, increase contributions and decrease benefits paid out to retired workers. OR they could ask the province to repeal the City of Saint John Pension Act and replace it with new legislation that would give the control of the fund to the City. Union leader Bob Davidson obviously does'nt like this suggestion. Looks like a big fight brewing between the City and it's unions?? This could be a nasty fight me thinks.......Saint John Residents.....hang on!!
Intresting though, how they have all kinds of money to give huge tax breaks to large companies.....but no money for the city pension fund, and residential taxes have to move up big time......hmmmmmmmmmmmmmmmm. What's wrong with this picture?????
