Proposed Governance Change in respect of the Retirement Compensation Arrangement for certain members of the Metropolitan Toronto Police Benefit Fund

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The decision

2023-03-29 · Toronto City Council · amended

As filed

City Council on March 29, 30 and 31, 2023, adopted the following: 1. City Council amend City of Toronto By-Law 18-97, respecting the Metropolitan Toronto Police Retirement Compensation Arrangement "Police RCA", as follows: a. provide that all references in the By-Law to "the Board" shall be read as references to the City of Toronto; b. identify an effective date for the change ("Effective Date"), being the date that By-law 181-81 respecting the Metropolitan Toronto Police Benefit Fund "PBF" is repealed; and c.

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discharge the Board of Trustees from all rights, duties, liabilities and obligations in respect of the Police Retirement Compensation Arrangement, from and after the Effective Date. 2. City Council authorize the Controller to execute, on behalf of the City of Toronto, any documents as may be required for the transfer and assignment of the rights and responsibilities of the Board of Trustees to the City as contemplated in the report (February 15, 2023) from the Controller, on terms satisfactory to the Controller, and in a form as approved by the City Solicitor.

On the agenda

As the city filed it

This report recommends amending By-law 18-97 governing the legacy Metropolitan Toronto Police Retirement Compensation Arrangement ("Police RCA") to have the City of Toronto assume the responsibilities of the Board of Trustees of the legacy Metropolitan Toronto Police Benefit Fund ("PBF"), who are also the Trustees of the Police RCA, in relation to the Police RCA, and to discharge the Trustees of the Police RCA from any further responsibilities.

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The PBF was rolled into OMERS in 2019 and approval has now been granted by the Financial Services Regulatory Authority of Ontario ("FSRA") to close it. The remaining step is for the City to repeal the PBF By-law. The Police RCA is unable to be rolled into OMERS. If the proposed changes are not made, the Board of Trustees will be required to remain active solely in order to fulfil their role as Trustees of the Police RCA, and the PBF By-law will not be able to be repealed. These By-law amendments and resulting governance changes to the Police RCA will allow the Board of Trustees to be disbanded and the related PBF By-law to be repealed. The Board of Trustees, in their capacity as Trustees of the Police RCA, unanimously approved these proposed governance changes on November 22, 2022.

Staff recommended

The Controller recommends that: 1. City Council amend City of Toronto By-Law 18-97, respecting the Police RCA, as follows: a) Provide that all references in the By-Law to "the Board" shall be read as references to the City of Toronto; b) Law 181-81 respecting the PBF is repealed; and c) Discharge the Board of Trustees from all rights, duties, liabilities and obligations in respect of the Police RCA, from and after the Effective Date.

Considered

2023-03-03 · General Government Committee · amended
Decision as filed
The General Government Committee recommends that: 1. City Council amend City of Toronto By-Law 18-97, respecting the Metropolitan Toronto Police Retirement Compensation Arrangement "Police RCA", as follows: a. Provide that all references in the By-Law to "the Board" shall be read as references to the City of Toronto; b. Identify an effective date for the change ("Effective Date"), being the date that By-law 181-81 respecting the Metropolitan Toronto Police Benefit Fund "PBF" is repealed; and c.
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Discharge the Board of Trustees from all rights, duties, liabilities and obligations in respect of the Police RCA, from and after the Effective Date.
2023-03-29 · Toronto City Council · amended

On the record

The item as the City filed it

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