Toronto Civic Employees' Pension Plan - 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 100-2018, as amended, governing the Toronto Civic Employees' Pension Plan (the Plan), to provide for the distribution of the surplus to the members of the Plan, in accordance with the Surplus Sharing Agreement dated May 11, 2018. 2. City Council approve the termination of the Toronto Civic Employees' Pension Plan

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(the Plan), outlined in Schedule A to By-law 100-2018, 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 May 11, 2018, to introduce a Bill to repeal By-law 100-2018, 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 Toronto Civic Employees' Pension Plan (the Plan) to provide for surplus distribution to the members of the Plan, in accordance with the Surplus Sharing Agreement dated May 11, 2018; 2. terminate the Toronto Civic Employees' Pension Plan (the Plan), effective November 30, 2019, and distribute the surplus assets remaining following the October 7, 2019 merger of the Civic Plan with OMERS ("remaining assets"); and 3.

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introduce a Bill to repeal By-law 100-2018, 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 100-2018, as amended, governing the Toronto Civic Employees' Pension Plan (the Plan), to provide for the distribution of the surplus to the members of the Plan, in accordance with the Surplus Sharing Agreement dated May 11, 2018. 2. City Council approve the termination of the Toronto Civic Employees' Pension Plan (the Plan), outlined in

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Schedule A attached to By-law 100-2018, 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 May 11, 2018, to introduce a Bill to repeal By-law 100-2018, 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 100-2018, as amended, governing the Toronto Civic Employees' Pension Plan (the Plan), to provide for the distribution of the surplus to the members of the Plan, in accordance with the Surplus Sharing Agreement dated May 11, 2018. 2. City Council approve the termination of the Toronto Civic Employees' Pension
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Plan (the Plan), outlined in Schedule A attached to By-law 100-2018, 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 May 11, 2018, to introduce a Bill to repeal By-law 100-2018, as amended.
2019-11-26 · Toronto City Council · adopted

On the record

The item as the City filed it

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