Saint John considers six pension scenarios

The City of Saint John tabled a second proposal for dealing with the more than $120 million deficit in its pension plan Thursday.

The city's first proposal, submitted to the province in spring and requesting a 25-year payback period, was rejected.

In all, six scenarios were considered, each with varying degrees of salary and benefit reduction, property tax increases and payback length.

The scenarios have been authored by the office of Pat Woods, the city manager, but not voted on by council.

Payback lengths of 15 and 20 years have been considered along with property tax increases of up to 16 cents.

Union representatives have stated that city employees will not make concessions beyond those agreed to in the first proposal.

If the city is unable to find a deal that satisfies city workers, councillors and the province by the new year the cost will be about $9 million.