Item - 2019.GL6.7
Tracking Status
- City Council adopted this item on July 16, 17 and 18, 2019 without amendments.
- 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.
GL6.7 - Progress on the Mergers of the City of Toronto Pre-Ontario Municipal Employees Retirement System (OMERS) Pension Plans with OMERS
- Decision Type:
- ACTION
- Status:
- Adopted
- Wards:
- All
City Council Decision
City Council on July 16, 17 and 18, 2019, adopted the following:
1. City Council direct that the confidential information contained in Confidential Attachment 1 to the report (June 10, 2019) from the Controller remain confidential in its entirety, as it pertains to the security of property belonging to the City of Toronto.
Confidential Attachment 1 to the report (June 10, 2019) from the Controller remains confidential in its entirety in accordance with the provisions of the City of Toronto Act, 2006, as it pertains to the security of property belonging to the City of Toronto.
Confidential Attachment - The security of property belonging to the City of Toronto
Background Information (Committee)
https://www.toronto.ca/legdocs/mmis/2019/gl/bgrd/backgroundfile-134395.pdf
(June 10, 2019) Confidential Attachment 1 - Mergers of Pre-OMERS Pension Plans with OMERS
Motions (City Council)
GL6.7 - Progress on the Mergers of the City of Toronto Pre-Ontario Municipal Employees Retirement System (OMERS) Pension Plans with OMERS
- Decision Type:
- ACTION
- Status:
- Adopted
- Wards:
- All
Confidential Attachment - The security of property belonging to the City of Toronto
Committee Recommendations
The General Government and Licensing Committee recommends that:
1. City Council direct that the confidential information contained in Confidential Attachment 1 to the report (June 10, 2019) from the Controller remain confidential in its entirety, as it pertains to the security of property belonging to the City of Toronto.
Origin
Summary
This report provides an update on the status of the merger of four pre-Ontario Municipal Employees Retirement System (OMERS) pension funds with OMERS. The merger process is a technical and regulatory process, with approvals of pensioners and the Financial Services Commission of Ontario, as well as detailed work by City and OMERS staff. The York Fund has successfully merged with OMERS as of January 8, 2019 and it is anticipated that the three other funds will merge in either late 2019 or early 2020.
In addition to pensioners receiving their existing pensions plus OMERS inflationary indexing, members of funds which have surpluses will also receive a share of the surplus, upon the wind-up of their fund. The City will also be receiving a share of surpluses, which will vary depending on fund earnings and other actuarial factors between now and the effective dates, but is anticipated at this time to be between $70 and $90 million.
Background Information
https://www.toronto.ca/legdocs/mmis/2019/gl/bgrd/backgroundfile-134395.pdf
(June 10, 2019) Confidential Attachment 1 - Mergers of Pre-OMERS Pension Plans with OMERS