The filed record
Metropolitan Toronto Police Benefit Fund - Proposed Merger with the Ontario Municipal Employees Retirement System (OMERS) Plan - Implementation of OMERS Indexing
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The decision
2019-07-16 · Toronto City Council · adopted
As filed
City Council on July 16, 17 and 18, 2019, adopted the following: 1. City Council amend By-law 116-2018, as amended, governing the Metropolitan Toronto Police Benefit Fund (the Plan) to: a. add the Ontario Municipal Employees Retirement System (OMERS) Plan provision for annual unconditional Consumer Price Index-linked inflation adjustments; and b. make such other amendments as may be required to facilitate the merger and transfer of assets.
On the agenda
As the city filed it
This report seeks authority to amend the By-law governing the Metropolitan Toronto Police Benefit Fund (Police Plan) to add the OMERS provision for annual CPI-linked inflation adjustments, immediately prior to the merger of the Police Plan with the OMERS Plan under the Pension Transfer Agreement (PTA) between OMERS and the City. The PTA requires that the Police Plan members, following a merger with the OMERS Plan, continue to be entitled to their existing benefits, with the exception that they will become entitled to the CPI-linked unconditional inflationary annual adjustment as is provided to all OMERS Plan pensioners.
Show the rest of As the city filed it, 388 more characters as filed
The Police Plan does not currently contain an indexing provision per se. All historical increases have been ad hoc amendments to the By-law under specified conditions. The City's experience with the transfer of the York Plan indicates that the Superintendent of Financial Services' (the Superintendent) consent will be conditional upon the indexing amendment to the Plan first being made.
Staff recommended
The Controller recommends that: 1. City Council approve an amendment to By-law 116-2018 governing the Metropolitan Toronto Police Benefit Fund (the Plan) to: a. add the Ontario Municipal Employees Retirement System (OMERS) Plan provision for annual unconditional Consumer Price Index-linked inflation adjustments; and b. make such other amendments as may be required to facilitate the merger and transfer of assets.
Considered
2019-06-24 · General Government and Licensing Committee · adopted
Decision as filed
The General Government and Licensing Committee recommends that: 1. City Council approve an amendment to By-law 116-2018, as amended, governing the Metropolitan Toronto Police Benefit Fund (the Plan) to: a. add the Ontario Municipal Employees Retirement System (OMERS) Plan provision for annual unconditional Consumer Price Index-linked inflation adjustments; and b. make such other amendments as may be required to facilitate the merger and transfer of assets.
2019-07-16 · Toronto City Council · adopted
On the record
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