Progress on the Mergers of the City of Toronto Pre-Ontario Municipal Employees Retirement System (OMERS) Pension Plans with OMERS

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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 direct that the confidential information contained in Confidential Attachment 1 to the report (June 10, 2019) from the Controller remain confidential in its entirety, as it pertains to the security of property belonging to the City of Toronto. Confidential Attachment 1 to the report (June 10, 2019) from the Controller remains confidential

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in its entirety in accordance with the provisions of the City of Toronto Act, 2006, as it pertains to the security of property belonging to the City of Toronto.

On the agenda

As the city filed it

This report provides an update on the status of the merger of four pre-Ontario Municipal Employees Retirement System (OMERS) pension funds with OMERS. The merger process is a technical and regulatory process, with approvals of pensioners and the Financial Services Commission of Ontario, as well as detailed work by City and OMERS staff. The York Fund has successfully merged with OMERS as of January 8, 2019 and it is anticipated that the three other funds will merge in either late 2019 or early 2020.

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In addition to pensioners receiving their existing pensions plus OMERS inflationary indexing, members of funds which have surpluses will also receive a share of the surplus, upon the wind-up of their fund. The City will also be receiving a share of surpluses, which will vary depending on fund earnings and other actuarial factors between now and the effective dates, but is anticipated at this time to be between $70 and $90 million.

Staff recommended

The Controller recommends that: 1. City Council direct that the confidential information contained in Confidential Attachment 1 remain confidential in its entirety, as it pertains to the security of property belonging to the City of Toronto.

Considered

2019-06-24 · General Government and Licensing Committee · adopted
Decision as filed
The General Government and Licensing Committee recommends that: 1. City Council direct that the confidential information contained in Confidential Attachment 1 to the report (June 10, 2019) from the Controller remain confidential in its entirety, as it pertains to the security of property belonging to the City of Toronto.
2019-07-16 · Toronto City Council · adopted

On the record

The item as the City filed it

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