Item - 2019.GL8.3
Tracking Status
- City Council adopted this item on October 29 and 30, 2019 without amendments and without debate.
- This item was considered by the General Government and Licensing Committee on October 7, 2019 and adopted without amendment. It will be considered by City Council on October 29 and 30, 2019.
- See also By-laws 1520-2019, 822-2021
GL8.3 - The Corporation of the City of York Employee Pension Plan - Termination/Wind-Up
- Decision Type:
- ACTION
- Status:
- Adopted on Consent
- Wards:
- All
City Council Decision
City Council on October 29 and 30, 2019, adopted the following:
1. City Council approve the termination of The Corporation of the City of York Employee Pension Plan (the Plan), outlined in Schedule A attached to By-law 1428-2017, as amended, governing the Plan.
2. City Council authorize the City Solicitor, following the distribution of The Corporation of the City of York Employee Pension Plan's remaining assets in accordance with the decision of the York Plan Committee on June 19, 2019, to introduce a Bill to repeal By-law 1428-2017, as amended.
Background Information (Committee)
https://www.toronto.ca/legdocs/mmis/2019/gl/bgrd/backgroundfile-137578.pdf
GL8.3 - The Corporation of the City of York Employee Pension Plan - Termination/Wind-Up
- Decision Type:
- ACTION
- Status:
- Adopted
- Wards:
- All
Committee Recommendations
The General Government and Licensing Committee recommends that:
1. City Council approve the termination of The Corporation of the City of York Employee Pension Plan (the Plan), outlined in Schedule A attached to By-law 1428-2017, as amended, governing the Plan.
2. City Council authorize the City Solicitor, following the distribution of The Corporation of the City of York Employee Pension Plan's remaining assets in accordance with the decision of the York Plan Committee on June 19, 2019, to introduce a Bill to repeal By-law 1428-2017, as amended.
Origin
Summary
This report seeks authority from Council to terminate The Corporation of the City of York Employee Pension Plan (York Plan) and distribute the assets remaining following the January 8, 2019 merger of the York Plan with the Ontario Municipal Employees Retirement System (OMERS) (remaining assets).
Background Information
https://www.toronto.ca/legdocs/mmis/2019/gl/bgrd/backgroundfile-137578.pdf