Item - 2020.GL11.2
Tracking Status
- City Council adopted this item on January 29, 2020 without amendments and without debate.
- This item was considered by the General Government and Licensing Committee on January 6, 2020 and adopted without amendment. It will be considered by City Council on January 29, 2020.
- See also By-laws 110-2020, 124-2023
GL11.2 - Metropolitan Toronto Pension Plan - Termination/Wind-Up and Surplus Distribution
- Decision Type:
- ACTION
- Status:
- Adopted on Consent
- Wards:
- All
City Council Decision
City Council on January 29, 2020, adopted the following:
1. City Council amend Schedule A to By-law 159-2018, as amended, governing the Metropolitan Toronto Pension Plan, to provide for the distribution of the surplus to the members of the Metro Toronto Pension Plan, in accordance with the Surplus Sharing Agreement dated May 11, 2018.
2. City Council approve the termination of the Metropolitan Toronto Pension Plan, outlined in Schedule A to By-law 159-2018, as amended, effective January 31, 2020, and authorize the City Solicitor, following the distribution of the Metro Toronto Pension Plan's remaining assets in accordance with the Surplus Sharing Agreement dated May 11, 2018, to introduce a Bill to repeal By-law 159-2018, as amended.
Background Information (Committee)
https://www.toronto.ca/legdocs/mmis/2020/gl/bgrd/backgroundfile-141247.pdf
GL11.2 - Metropolitan Toronto Pension Plan - Termination/Wind-Up and Surplus Distribution
- Decision Type:
- ACTION
- Status:
- Adopted
- Wards:
- All
Committee Recommendations
The General Government and Licensing Committee recommends that:
1. City Council amend Schedule A to By-law 159-2018, as amended, governing the Metropolitan Toronto Pension Plan (Metro Plan), to provide for the distribution of the surplus to the members of the Metro Plan, in accordance with the Surplus Sharing Agreement dated May 11, 2018.
2. City Council approve the termination of the Metropolitan Toronto Pension Plan (Metro Plan), outlined in Schedule A to By-law 159-2018, as amended, effective January 31, 2020, and authorize the City Solicitor, following the distribution of the Metro Plan's remaining assets in accordance with the Surplus Sharing Agreement dated May 11, 2018, to introduce a Bill to repeal By-law 159-2018, as amended.
Origin
Summary
This report seeks authority from City Council to:
1. amend the By-law governing the Metropolitan Toronto Pension Plan (Metro Plan) to provide for surplus distribution to the members of the Metro Plan, in accordance with the Surplus Sharing Agreement dated May 11, 2018;
2. terminate the Metropolitan Toronto Pension Plan (Metro Plan), effective January 31, 2020, and distribute the surplus assets remaining following the January 8, 2020 merger of the Metro Plan with OMERS ("remaining assets"); and
3. introduce a Bill to repeal By-law 159-2018, as amended, upon completion of the distribution of the remaining surplus assets of the Metro Plan.
Background Information
https://www.toronto.ca/legdocs/mmis/2020/gl/bgrd/backgroundfile-141247.pdf