The filed record
Metropolitan Toronto 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
2019-10-29 · Toronto City Council · adopted
As filed
City Council on October 29 and 30, 2019, adopted the following: 1. City Council amend By-law 159-2018, as amended, governing the Metropolitan Toronto Pension 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 Pension Plan (Metro Plan) to add the Ontario Municipal Employees Retirement System (OMERS) provision for annual Consumer Price Index (CPI)-linked inflation adjustments, immediately prior to the merger of the Metro Plan with the OMERS Plan under the Pension Transfer Agreement (PTA) between OMERS and the City of Toronto. The PTA requires that Metro Plan members, following a merger with the OMERS Plan, continue to receive their existing benefits and, in addition, become entitled to the same automatic CPI-linked annual adjustment as is provided to all OMERS Plan pensioners.
Show the rest of As the city filed it, 448 more characters as filed
The Metro 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 Corporation of the City of York Employee Pension Plan (York Plan) indicates that the consent of the Superintendent of Financial Services (the Superintendent) will be conditional upon enacting this indexing amendment to the Metro Plan.
Staff recommended
The Controller recommends that: 1. City Council amend By-law 159-2018, as amended, governing the Metropolitan Toronto Pension 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
2019-10-07 · General Government and Licensing Committee · adopted
Decision as filed
The General Government and Licensing Committee recommends that: 1. City Council amend By-law 159-2018, as amended, governing the Metropolitan Toronto Pension 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.
2019-10-29 · Toronto City Council · adopted
On the record
More from this meeting
- Fleet Services Division OverviewFiled record
- The Corporation of the City of York Employee Pension Plan - Termination/Wind-UpFiled record
- Expropriation of the Orphaned Lane at the Rear of 8 Cumberland Street for Municipal Purposes, Including a New Public LaneFiled record
- Expropriation of 300 Commissioners Street for the Future Broadview Avenue Extension ProjectFiled record
- Property Acquisition Costs and Funding Requirements for the Toronto Transit Commission (TTC) Second Exit and Fire Ventilation Upgrade and Easier Access III ProjectsFiled record
- Transfer of 2530 Gerrard Street East to Build Toronto Inc.Filed record