Common Council will be getting a presentation tonight on the new shared risk proposal for fixing the city’s financially beleaguered pension plan.
The changes will be phased in gradually over 40 years on a go forward basis with past pension amounts not changing.
Councillors will be told when the investment markets are bad, benefits will not rise but will be made up when the markets improve.
Employee contributions may have to go up from 1.2 to 2.8 per cent with the retirement age gradually increasing if life expectancy rises and, for taxpayers, cutbacks in city service would be avoided.
