100.82(1)Despite the repeal of the City of Saint John Pension Act and after The City of Saint John and the unions that represent the members of the pension plan established by that Act have entered into a memorandum of understanding that provides for the conversion of the pension plan to a shared risk plan, including the governance structure of the shared risk plan, the council of The City of Saint John has the power to amend, by resolution and in accordance with the memorandum of understanding, the pension plan for the purpose of converting the pension plan to a shared risk plan, including amending the governance structure of the pension plan for that purpose.

100.82(2)A resolution referred to in subsection (1) may be made retroactive to July 1, 2012, or to any date after July 1, 2012.

100.82(3)Subsection 100.81(2) applies with the necessary modifications to the council.