Pension Plan

The City of Saint John's Pension Plan converted to a Shared Risk Model in December 2012 when the municipality and its four unions, representing police, firefighter, inside and outside workers all signed a memorandum of understanding.  

Under the shared-risk model, the city and its workers will share the risk for future deficits.  This means that benefits have now become conditional upon meeting certain financial parameters. It is also possible that in limited circumstances, base benefits may be reduced.  There is at least a 97.5% probability that base benefits will not be reduced over the following 20 years.

The City's pension is administered by a Pension Plan Board of Trustees.

Member Contributions  Employer Contributions
Public Safety Employees 12%
All other employees  9%
 Initial Temporary
 15% 17% for a minimum 10 year period and a maximum 15 year period, according to certain assumptions
 11.4%

Related documents
Memorandum of Understanding - 2012-12-19
Declaration of Trust
Plan Text
Actuarial Valuation as at January 1, 2016
Annual Communication 2016
Audited Financial Statements as of December 31, 2016
Notice of Indexing - January 2014

Shared Risk Pension Plan Funding Policy

Audited Financial Statements as of December 31, 2013

Audited Financial Statements as of December 31, 2014

Audited Financial Statements as of December 31, 2015

Financial Management

Finance and Accounting
finance@saintjohn.ca
(506) 658-2951
9th Floor, City Hall

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