Metropolitan Toronto Pension Plan

At its meeting held October 2-4, 2017, City Council authorized the Treasurer to enter into a Pension Transfer Agreement with the OMERS Sponsors Corporation and the OMERS Administration Corporation for each of the five pre-OMERS pension plans sponsored by the City. This merger is in progress and as such, applications to be the public member of this pension board are no longer being accepted. This page is still available for reference purposes.

The Metro Toronto Pension Plan is a financial trust. The board of trustees manages and controls the pension fund to ensure that it is administered in accordance with regulatory requirements and the bylaws of the plan.

Board responsibilities

The board is responsible for:

  • custody of the pension fund, including the investment of monies in conformity with the requirements of the Pension Benefits ActOpens in new window, the Income Tax Act, and regulations
  • payment of pension benefits to members when entitled
  • keeping proper and correct accounts of all receipts and disbursements, to the satisfaction of the auditor of the funds

Term of office

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

Composition

Metro Toronto Pension Fund Board of Trustees consists of 7 members:

  • 1 public member appointed by City Council, who serves as Chair
  • 3 member representatives elected by Plan members
  • City Manager designate
  • Chief Financial Officer & Treasurer designate
  • Controller

Qualifications

In addition to the general eligibility requirements set out in the Public Appointments Policy, the public board member must demonstrate:

  • keen interest and knowledge of pension matters
  • extensive professional skills relating to investment management and financial administration
  • possession of sound judgment and knowledge of local government procedures
  • flexibility in daily work activities to permit attendance at all board meetings and attendance at meetings with the plan's investment and actuarial consultants and investment managers
  • knowledge of general rules of procedure for committees and ability to chair meetings

Meetings

The board meets approximately six to eight times per year. Other meetings may be held at the call of the chair.

Remuneration

The chair of the board receives remuneration of $7,500 per annum.

Membership

The current and historical Appointments for this body.