Friday, March 2, 2012

Totten Is No Pension Expert

Former Saint John City Manager Terry Totten being questioned at the defamation trial of former Common Councillor John Ferguson about whether he ever recommended the city move from a defined benefits to a defined constributions plan.

Ferguson is currently the Town Manager of St. Stephen.


Totten told the jury he recommended Common Council investigate the option but couldn't get approval.
 
Former Common Councillor Glen Tait, a member of the pension board, was pressing Totten to make the specific recommendation saying it only required intestinal fortitude.
 
Totten says he did recommend Council get outside advice on the pension plan and its rising deficit.
 
Totten concedes he's not a pension expert even though he has some knowledge.
 
Ferguson's lawyer Rod Gillis questioned what value there was in sending pension board trustees to meetings in Vegas, Hawaii, San Francisco and Florida when they could have spent the money hiring a pension expert.