The Corporation of the City of York Employee Pension Plan - Surplus Distribution

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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 Schedule A attached to By-law 1428-2017, as amended, governing The Corporation of the City of York Employee Pension Plan (the Plan) to: a. amend Section 17.06, Surplus upon Termination, by deleting the words "to the Corporation or any Participating Employer" and replacing it with the words "to the members of the Plan" so that the amended

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section reads as follows: Subject to terms of participation by Participating Employers, upon discontinuance of the Plan, in whole or in part, any assets of the Fund (or the appropriate portion of the Fund in the case of a partial discontinuance) in excess of those required to discharge all liability for accrued benefits shall be paid to the members of the Plan.

On the agenda

As the city filed it

This report seeks authority to amend the By-law governing The Corporation of the City of York Employee Pension Plan (York Plan) to provide for surplus distribution to the members of the Plan in accordance with Council's previous decision.

Staff recommended

The Controller recommends that: 1. City Council approve an amendment to Schedule A attached to By-law 1428-2017, as amended, governing The Corporation of the City of York Employee Pension Plan (the Plan) to: a. amend Section 17.06, Surplus upon Termination, by deleting "to the Corporation or any Participating Employer" and replacing it with "to the members of the Plan" so that the amended section reads as follows: Subject

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to terms of participation by Participating Employers, upon discontinuance of the Plan, in whole or in part, any assets of the Fund (or the appropriate portion of the Fund in the case of a partial discontinuance) in excess of those required to discharge all liability for accrued benefits shall be paid to the members of the Plan.

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 Schedule A attached to By-law 1428-2017, as amended, governing The Corporation of the City of York Employee Pension Plan (the Plan) to: a. amend Section 17.06, Surplus upon Termination, by deleting the words "to the Corporation or any Participating Employer" and replacing it with the words "to the members of the Plan"
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so that the amended section reads as follows: Subject to terms of participation by Participating Employers, upon discontinuance of the Plan, in whole or in part, any assets of the Fund (or the appropriate portion of the Fund in the case of a partial discontinuance) in excess of those required to discharge all liability for accrued benefits shall be paid to the members of the Plan.
2019-07-16 · Toronto City Council · adopted

On the record

The item as the City filed it

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