Toronto Civic Employees' Pension Plan - Proposed Merger with the Ontario Municipal Employees Retirement System (OMERS) Plan - Implementation of OMERS Indexing

The Public Gallery wrote no story on this item. What follows is the city’s own record of what happened to it, as filed: nothing on this page is summarised or scored by us.

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 100-2018 governing the Toronto Civic Employees' Pension Plan (the Plan) to: a. strike out the existing precondition and formula for conditional annual post retirement adjustments for pensioner benefits in Sections 14B(3a) and 14B(3b) of the Plan and replace it with the Ontario Municipal Employees Retirement System (OMERS) Plan provision for annual unconditional Consumer Price Index-linked inflation adjustments; and b.

Show the rest of As filed, 94 more characters as filed

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 Toronto Civic Employees' Pension Plan (Civic Plan) to implement the OMERS provision for annual CPI-linked inflation adjustments, immediately prior to the merger of the Civic Plan with the OMERS Plan under the Pension Transfer Agreement (PTA) between OMERS and the City. The PTA requires that the Civic Plan members, following a merger with the OMERS Plan, continue to be entitled to their existing benefits, with the exception that the current formula for conditional annual Post Retirement Adjustments will be replaced by the CPI-linked unconditional inflationary adjustment provided to all OMERS Plan pensioners.

Show the rest of As the city filed it, 220 more characters as filed

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 Schedule A attached to By-law 100-2018 governing the Toronto Civic Employees' Pension Plan (the Plan) to: a. strike out the existing precondition and formula for conditional annual Post Retirement Adjustments for pensioner benefits in Sections 14B(3a) and 14B(3b) of the Plan and replace it with the Ontario Municipal Employees Retirement System (OMERS) provision for annual unconditional Consumer Price Index-linked inflation adjustments; and b.

Show the rest of Staff recommended, 94 more characters as filed

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 Schedule A attached to By-law 100-2018 governing the Toronto Civic Employees' Pension Plan (the Plan) to: a. strike out the existing precondition and formula for conditional annual post retirement adjustments for pensioner benefits in Sections 14B(3a) and 14B(3b) of the Plan and replace it with the Ontario Municipal Employees Retirement System (OMERS) Plan provision for annual unconditional Consumer Price Index-linked inflation adjustments; and b.
Show the rest of Decision as filed, 94 more characters as filed
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

The item as the City filed it

More from this meeting

The whole meeting