Item - 2019.GL6.11
Tracking Status
- City Council adopted this item on July 16, 17 and 18, 2019 without amendments and without debate.
- This item was considered by the General Government and Licensing Committee on June 24, 2019 and adopted without amendment. It will be considered by City Council on July 16, 17 and 18, 2019.
- See also By-law 1186-2019
GL6.11 - The Corporation of the City of York Employee Pension Plan - Surplus Distribution
- Decision Type:
- ACTION
- Status:
- Adopted on Consent
- Wards:
- All
City Council Decision
City Council on July 16, 17 and 18, 2019, adopted the following:
1. City Council amend Schedule A attached to By-law 1428-2017, as amended, governing The Corporation of the City of York Employee Pension Plan (the Plan) to:
a. amend Section 17.06, Surplus upon Termination, by deleting the words "to the Corporation or any Participating Employer" and replacing it with the words "to the members of the Plan" so that the amended section reads as follows:
Subject to terms of participation by Participating Employers, upon discontinuance of the Plan, in whole or in part, any assets of the Fund (or the appropriate portion of the Fund in the case of a partial discontinuance) in excess of those required to discharge all liability for accrued benefits shall be paid to the members of the Plan.
Background Information (Committee)
https://www.toronto.ca/legdocs/mmis/2019/gl/bgrd/backgroundfile-134399.pdf
GL6.11 - The Corporation of the City of York Employee Pension Plan - Surplus Distribution
- Decision Type:
- ACTION
- Status:
- Adopted
- Wards:
- All
Committee Recommendations
The General Government and Licensing Committee recommends that:
1. City Council approve an amendment to Schedule A attached to By-law 1428-2017, as amended, governing The Corporation of the City of York Employee Pension Plan (the Plan) to:
a. amend Section 17.06, Surplus upon Termination, by deleting the words "to the Corporation or any Participating Employer" and replacing it with the words "to the members of the Plan" so that the amended section reads as follows:
Subject to terms of participation by Participating Employers, upon discontinuance of the Plan, in whole or in part, any assets of the Fund (or the appropriate portion of the Fund in the case of a partial discontinuance) in excess of those required to discharge all liability for accrued benefits shall be paid to the members of the Plan.
Origin
Summary
This report seeks authority to amend the By-law governing The Corporation of the City of York Employee Pension Plan (York Plan) to provide for surplus distribution to the members of the Plan in accordance with Council's previous decision.
Background Information
https://www.toronto.ca/legdocs/mmis/2019/gl/bgrd/backgroundfile-134399.pdf