SAINT JOHN, N.B. – Saint John’s pension plan will be converted to a shared-risk model.

City union leaders met with Mayor Mel Norton, Deputy Mayor Shelley Rinehart and the province this morning to sign off on the Memorandum Of Understanding for the shared-risk pension plan.

Saint John police union president Jamie Hachey says the MOU was a collaborative process.

“This doesn’t only make the pension plans of our members secure, it will (in the long term) alleviate a lot of the debt in the plan.”

Mayor Norton confirmed the signing of the MOU on Twitter, tweeting that the shared-risk conversion process is complete.

If all goes well the shared-risk model will be in place by January 1st.