Item - 2019.CC1.11
Tracking Status
- City Council adopted this item on December 4, 5 and 13, 2018 without amendments and without debate.
- See also By-law 7-2019
CC1.11 - The Corporation of the City of York Employee Pension Plan - Proposed Merger with the OMERS Plan - Implementation of OMERS Indexing
- Decision Type:
- ACTION
- Status:
- Adopted on Consent
- Wards:
- All
City Council Decision
City Council on December 4, 5 and 13, 2018, adopted the following:
1. City Council amend By-law 1428-2017 governing The Corporation of the City of York Employee Pension Plan (the Plan) to:
a. strike out the existing formula for conditional annual Post Retirement Adjustments for pensioner benefits in Section 10.04 of the Plan and replace it with the OMERS provision for annual CPI-linked inflation adjustments, allowing for the fact that the section 10.04 increases are effective on July 1 of each year; and
b. make such other amendments as may be required to facilitate the merger and transfer of assets.
Background Information (City Council)
(December 3, 2018)
Report from the Chief Financial Officer on The Corporation of the City of York Employee Pension Plan - Proposed Merger with the OMERS Plan - Implementation of OMERS Indexing (CC1.11)
https://www.toronto.ca/legdocs/mmis/2019/cc/bgrd/backgroundfile-122225.pdf
https://www.toronto.ca/legdocs/mmis/2019/cc/bgrd/backgroundfile-122225.pdf