Item - 2020.GL14.6
Tracking Status
- This item was considered by General Government and Licensing Committee on July 7, 2020 and was adopted without amendment.
GL14.6 - Progress on the Merger of the City of Toronto Pre-OMERS Pension Plans
- Decision Type:
- ACTION
- Status:
- Adopted
- Wards:
- All
Committee Decision
The General Government and Licencing Committee:
1. Received the report (June 22, 2020) from the Controller for information.
Origin
Summary
This report provides an update on both the completion of the merger with the Ontario Municipal Employees Retirement System (OMERS) of four (4) of the City's five (5) pre-OMERS pension plans, and the related surplus distribution process for the four (4) merged plans.
The plans that have merged are;
- The Corporation of the City of York Employee Pension Plan ("York Plan")
- The Toronto Civic Employees' Pension and Benefit Plan ("Civic Plan")
- The Metropolitan Toronto Police Benefit Fund ("Police Plan")
- The Metropolitan Toronto Pension Plan ("Metro Plan")
The City will continue to administer the Toronto Fire Department Superannuation and Benefit Plan for the foreseeable future.
Background Information
https://www.toronto.ca/legdocs/mmis/2020/gl/bgrd/backgroundfile-148126.pdf
Appendix A - Surplus Sharing Agreement with the Civic Plan
https://www.toronto.ca/legdocs/mmis/2020/gl/bgrd/backgroundfile-148127.pdf
Appendix B - Surplus Sharing Agreement with the Police Plan
https://www.toronto.ca/legdocs/mmis/2020/gl/bgrd/backgroundfile-148128.pdf
Appendix C - Surplus Sharing Agreement with the Metro Plan
https://www.toronto.ca/legdocs/mmis/2020/gl/bgrd/backgroundfile-148129.pdf