Metropolitan Toronto Pension Plan - Termination/Wind-Up and Surplus Distribution

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The decision

2020-01-29 · Toronto City Council · adopted

As filed

City Council on January 29, 2020, adopted the following: 1. City Council amend Schedule A to By-law 159-2018, as amended, governing the Metropolitan Toronto Pension Plan, to provide for the distribution of the surplus to the members of the Metro Toronto Pension Plan, in accordance with the Surplus Sharing Agreement dated May 11, 2018. 2. City Council approve the termination of the Metropolitan Toronto Pension Plan, outlined

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in Schedule A to By-law 159-2018, as amended, effective January 31, 2020, and authorize the City Solicitor, following the distribution of the Metro Toronto Pension Plan's remaining assets in accordance with the Surplus Sharing Agreement dated May 11, 2018, to introduce a Bill to repeal By-law 159-2018, 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 Pension Plan (Metro Plan) to provide for surplus distribution to the members of the Metro Plan, in accordance with the Surplus Sharing Agreement dated May 11, 2018; 2. terminate the Metropolitan Toronto Pension Plan (Metro Plan), effective January 31, 2020, and distribute the surplus assets remaining following the January 8, 2020 merger of the Metro Plan with OMERS ("remaining assets"); and 3.

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introduce a Bill to repeal By-law 159-2018, as amended, upon completion of the distribution of the remaining surplus assets of the Metro Plan.

Staff recommended

The Controller recommends that: 1. City Council amend Schedule A to By-law 159-2018, as amended, governing the Metropolitan Toronto Pension Plan (Metro Plan), to provide for the distribution of the surplus to the members of the Metro Plan, in accordance with the Surplus Sharing Agreement dated May 11, 2018. 2. City Council approve the termination of the Metropolitan Toronto Pension Plan (Metro Plan), outlined in Schedule

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A to By-law 159-2018, as amended, effective January 31, 2020, and authorize the City Solicitor, following the distribution of the Metro Plan's remaining assets in accordance with the Surplus Sharing Agreement dated May 11, 2018, to introduce a Bill to repeal By-law 159-2018, as amended.

Considered

2020-01-06 · General Government and Licensing Committee · adopted
Decision as filed
The General Government and Licensing Committee recommends that: 1. City Council amend Schedule A to By-law 159-2018, as amended, governing the Metropolitan Toronto Pension Plan (Metro Plan), to provide for the distribution of the surplus to the members of the Metro Plan, in accordance with the Surplus Sharing Agreement dated May 11, 2018. 2. City Council approve the termination of the Metropolitan Toronto Pension Plan
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(Metro Plan), outlined in Schedule A to By-law 159-2018, as amended, effective January 31, 2020, and authorize the City Solicitor, following the distribution of the Metro Plan's remaining assets in accordance with the Surplus Sharing Agreement dated May 11, 2018, to introduce a Bill to repeal By-law 159-2018, as amended.
2020-01-29 · Toronto City Council · adopted

On the record

The item as the City filed it

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