The Corporation of the City of York Employee Pension Plan - Proposed Merger with the OMERS Plan - Implementation of OMERS Indexing

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The decision

2018-12-04 · Toronto City Council · adopted

As filed

City Council on December 4, 5 and 13, 2018, adopted the following: 1. City Council amend By-law 1428-2017 governing The Corporation of the City of York Employee Pension Plan (the Plan) to: a. strike out the existing formula for conditional annual Post Retirement Adjustments for pensioner benefits in Section 10.04 of the Plan and replace it with the OMERS provision for annual CPI-linked inflation adjustments, allowing for the fact that the section 10.04 increases are effective on July 1 of each year; and b.

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make such other amendments as may be required to facilitate the merger and transfer of assets.

On the agenda

As the city filed it

Further to the Treasurer's Report to Council dated June 18, 2018, this report seeks authority to amend the by-law governing The Corporation of the City of York Employee Pension Plan (York Plan) to implement the OMERS provision for annual CPI-linked inflation adjustments, immediately prior to the merger of the York Plan with the OMERS Plan under the Pension Transfer Agreement (PTA) between OMERS and the City. The Superintendent

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of Financial Services has made his consent to the transfer of assets from the Plan to the OMERS Plan conditional upon the amendment.

Staff recommended

The Chief Financial Officer recommends that: 1. City Council approve an amendment to By-law No. 1428-2017 governing The Corporation of the City of York Employee Pension Plan (the Plan) to: a. strike out the existing formula for conditional annual Post Retirement Adjustments for pensioner benefits in section 10.04 of the Plan and replace it with the OMERS provision for annual CPI-linked inflation adjustments, allowing for the fact that the section 10.04 increases are effective on July 1 of each year; and b.

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make such other amendments as may be required to facilitate the merger and transfer of assets.

On the record

The item as the City filed it

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