Item - 2018.GM24.1

The Government Management Committee recommends that:

1.  City Council authorize the introduction of bills to:

a.  Consolidate, to the satisfaction of the City Solicitor, all by-law amendments since the last revision and consolidation of the texts of each of the Toronto Civic Employees' Pension Plan, the Metropolitan Toronto Pension Plan and the pension plan supported by the Metropolitan Toronto Police  Benefit Fund, together with the further amendments described in the body of the report (December 22, 2017) from the Treasurer and the City Solicitor;

b.  Stipulate, to the satisfaction of the City Solicitor, that the text of each such pension plan as so consolidated is to be interpreted to reflect:

i.  that the new City of Toronto has assumed as of January 1, 1998 all obligations of the former municipality under the plan; and

ii.  the retirement date of the last active member of the plan.

c.  Repeal By-law 380-74 of the former City of Toronto and By-laws 15-92 and 181-81 of the former Municipality of Metropolitan Toronto currently governing the pension plans.

This report seeks authority to revise and re-enact the texts of the by-laws governing the Civic Employee's Pension Plan (currently  By-law 380-74, as amended, of the former City of Toronto), the Metropolitan Toronto Pension Plan (currently By-law 15-92, as amended, of the former Municipality of Metropolitan Toronto) and the Metropolitan Toronto Police Benefit Fund (currently By-law 181-81, as amended, of the former Municipality of Metropolitan Toronto), all of which now pertain to pension plans sponsored by the City as a result of the 1998 amalgamation of the City of Toronto.  The revisions will in each case take into account all amendments made since the last revision and re-enactment, correct some clerical errors, delete some provisions which are no longer relevant, and bring the text into harmony with the Plans' current administrative practices.  These re-enactments are a requirement of the Pension Transfer Agreements to be entered into between the City and OMERS for the merger of those Plans into the OMERS Primary Plan, as recently authorized by City Council, and will assist OMERS in implementing the mergers.