Metropolitan Toronto Police Benefit Fund - Termination/Wind-Up and Surplus Distribution

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The decision

2019-11-26 · Toronto City Council · adopted

As filed

City Council on November 26 and 27, 2019, adopted the following: 1. City Council amend Schedule A to By-law 116-2018, as amended, governing the Metropolitan Toronto Police Benefit Fund (the Plan), to provide for the distribution of the surplus to the members of the Plan, in accordance with the Surplus Sharing Agreement dated June 1, 2018. 2. City Council approve the termination of the Metropolitan Toronto Police Benefit

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Fund (the Plan), outlined in Schedule A to By-law 116-2018, as amended, effective November 30, 2019, and authorize the City Solicitor, following the distribution of the Plan's remaining assets in accordance with the Surplus Sharing Agreement dated June 1, 2018, to introduce a Bill to repeal By-law 116-2018, as amended.

On the agenda

As the city filed it

This report seeks authority from City Council to: 1. amend the By-law governing the Metropolitan Toronto Police Benefit Fund (the Plan) to provide for surplus distribution to the members of the Plan, in accordance with the Surplus Sharing Agreement dated June 1, 2018, approved and adopted by City Council at its meeting on July 23, 24, 25, 26, 27, and 30, 2018; 2. terminate the Metropolitan Toronto Police Benefit Fund (the Plan), effective November 30, 2019, and distribute the surplus assets remaining following the November 5, 2019 merger of the Plan with OMERS ("remaining assets"); and 3.

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introduce a Bill to repeal By-law 116-2018, as amended, upon completion of the distribution of the remaining surplus assets of the Plan.

Staff recommended

The Controller recommends that: 1. City Council amend Schedule A attached to By-law 116-2018, as amended, governing the Metropolitan Toronto Police Benefit Fund (the Plan), to provide for the distribution of the surplus to the members of the Plan, in accordance with the Surplus Sharing Agreement dated June 1, 2018. 2. City Council approve the termination of the Metropolitan Toronto Police Benefit Fund (the Plan), outlined

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in Schedule A attached to By-law 116-2018, as amended, effective November 30, 2019, and authorize the City Solicitor, following the distribution of the Plan's remaining assets in accordance with the Surplus Sharing Agreement dated June 1, 2018, to introduce a Bill to repeal By-law 116-2018, as amended.

Considered

2019-11-18 · General Government and Licensing Committee · adopted
Decision as filed
The General Government and Licensing Committee recommends that: 1. City Council amend Schedule A attached to By-law 116-2018, as amended, governing the Metropolitan Toronto Police Benefit Fund (the Plan), to provide for the distribution of the surplus to the members of the Plan, in accordance with the Surplus Sharing Agreement dated June 1, 2018. 2. City Council approve the termination of the Metropolitan Toronto Police
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Benefit Fund (the Plan), outlined in Schedule A attached to By-law 116-2018, as amended, effective November 30, 2019, and authorize the City Solicitor, following the distribution of the Plan's remaining assets in accordance with the Surplus Sharing Agreement dated June 1, 2018, to introduce a Bill to repeal By-law 116-2018, as amended.
2019-11-26 · Toronto City Council · adopted

On the record

The item as the City filed it

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