General Government Committee
The full agenda, as filed
All 27 items in the clerk’s order. Each carries the city’s own words: the staff recommendation, what the body decided, and its status. Nothing below is written by us.
Items 26 to 27 of 27Show 2550100all
GG14.26adopted
Annual Update on OMERS Related to the City's Employer Contributions
The purpose of this report is to provide the annual summary of the City's employer contributions submitted to the Ontario Municipal Employees' Retirement System in 2023 and to provide information on the City's total members and contributions relative to the overall Ontario Municipal Employees' Retirement System plan members and contributions.
The General Government Committee: 1. Received the report (June 10, 2024) from the Interim Controller for information.
Staff recommendation as filed
The Interim Controller recommends that: 1. The General Government Committee receives this report for information.
GG14.27adopted
This report submits, for the Committee's information, a Funding Valuation as at December 31, 2023 on the Toronto Fire Department Superannuation and Benefit Fund (the Fund) prepared by RSM Canada LLP (RSM). The Fund finances the pension plan (the Plan). This valuation provides information on the automatic cost-of-living increase of 1.00 percent in pensioner benefits effective January 1, 2024, called for under By-Law 10649 as amended, governing the Plan and the Fund. The Fire Pension Plan has specific criteria in its By-law which, if satisfied, grants members an automatic cost-of-living increase paid from the fund, and therefore Council is not required to approve the increase. So long as sufficient surpluses exist on both a Going Concern and Solvency basis, members are entitled to an increase comprised of the lesser of (a) The Plan's 5-year average rate of return less the discount rate used for the current year's Solvency valuation; or (b) the increase in the year-over-year level of the average Consumer Price Index (CPI) as published by Statistics Canada. In this case, the first criterion is the lesser of the two, and hence members are entitled to an automatic increase of 1.00 percent. The provincial funding rules for defined-benefit pension plans which came into effect on May 1, 2018, are incorporated into the 2023 Valuation Report, which sets forth the financial position of the Fund for the year ended December 31, 2023 on Going Concern and Solvency bases and confirms that the Fund does not require any special payments by the City of Toronto. The Charts below summarize the financial position of the Fund as at December 31, 2023 and December 31, 2022 based on the Actuarial Valuations for those years. Going Concern Valuation - This type of valuation assumes that the Plan will continue to operate until all pensions are paid out. Table 1 : Going Concern Valuation ($ millions) December 31, 2023 December 31, 2022 Assets $159.6 $161.2 Liabilities $126.9 $139.9 Surplus / (Deficit) $32.7 $21.3 Solvency Valuation - This type of valuation assumes that the Plan was wound up on the valuation date (i.e., December 31st, 2023) and the assets used, to the extent necessary, to meet existing liabilities including the purchase of annuities for the pensioners and any unretired members. Table 2 : Solvency Valuation ($ millions) December 31, 2023 December 31, 2022 Assets $159.4 $161.0 Liabilities $116.5 $129.7 Surplus / (Deficit) $42.9 $31.3
The General Government Committee: 1. Received the report (June 10, 2024) from the Interim Controller, for information, including the report entitled "The Toronto Fire Department Superannuation and Benefit Fund - Report on the Actuarial Valuation as at December 31, 2023" (Attachment 1 to the the report - June 10, 2024 - from the Interim Controller) prepared by RSM Canada LLP with respect to the Toronto Fire Department Superannuation and Benefit Fund and its underlying Plan.
Staff recommendation as filed
The Interim Controller recommends that: 1. The General Government Committee receive this report for information, including the report entitled "The Toronto Fire Department Superannuation and Benefit Fund - Report on the Actuarial Valuation as at December 31, 2023" (Attachment 1) prepared by RSM Canada LLP with respect to the Toronto Fire Department Superannuation and Benefit Fund and its underlying Plan.