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Toronto Fire Department Superannuation and Benefit Fund

The Toronto Fire Department Superannuation and Benefit Fund is a financial trust and special purpose body that manages and controls the pension fund to ensure that it is administered in accordance with regulatory requirements and the By-laws of the fund.

Committee responsibilities

The committee is responsible for:

• custody of the fund, including the investment of monies according to the requirements of the Pension Benefits Act, the Income Tax Act, and regulations
• payment of pension benefits to members when they are eligible
• keeping proper and correct accounts of all receipts and disbursements to the satisfaction of the fund's auditor

Term of office

City Council's public member is appointed for four years.

Composition

The committee consists of 7 members and is composed of:

1 public member appointed by City Council (traditionally appointed as Chair by the committee)

3 member representatives elected by Plan members

City Manager designate

Chief Financial Officer & Treasurer designate

Controller

Qualifications

The public member shall not be a current or former member of the Superannuation and Benefit Fund.

In addition to the general eligibility requirements in the Public Appointments Policy, the public member should possess:

• demonstrated experience in pension fund investment management and financial matters
• knowledge of pension legislation and defined benefit plans
• sound judgement
• knowledge of rules of procedure and ability to chair meetings
• flexible schedule to permit attendance at committee meetings and meetings with fund managers and advisors

Meetings

The committee meets approximately seven times a year in person during the day at City Hall.

Remuneration

The chair receives an annual retainer of $7,500.