Item - 2017.GM22.23

City Council on October 2, 3 and 4, 2017, adopted the following:

1.  City Council authorize the Treasurer to enter into a Pension Transfer Agreement with the OMERS Sponsors Corporation and the OMERS Administration Corporation for each of the five pre-OMERS pension plans sponsored by the City on the terms indicated in Confidential Attachment 1 to the report (September 11, 2017) from the Treasurer.

2.  City Council authorize the Treasurer to make public the terms of the Pension Transfer Agreements.

3.  City Council authorize the Treasurer, with respect to any of the City-sponsored pre-OMERS pension plans likely to have surplus assets remaining after any merger, to provide, in consultation with the City Solicitor, instructions as required to the City's outside counsel to negotiate with an authorized legal representative of the pensioners of the plan in each case, and to document in a suitable manner,  a mutually satisfactory allocation of such assets between the City and those pensioners within the parameters indicated in Confidential Attachment 1 to the report (September 11, 2017) from the Treasurer.

4.  City Council authorize the Treasurer to make public the terms of the negotiated allocation of surplus assets for each plan immediately following the execution of the required documentation.

5.  City Council authorize the Treasurer to report back on the progress of each merger and, subject to confidentiality as required, the progress of the surplus allocation negotiations, as appropriate.

6. City Council authorize the Treasurer to report back on the financial results of each transfer and the implementation of each negotiated surplus allocation following the completion of each.

7.  City Council direct that the content of Confidential Attachment 2 to the report (September 11, 2017) from the Treasurer remain confidential in its entirety as it is related to the security of the City's or a local board's property.

8.  City Council request the administrator of each pension plan to proceed expeditiously to fulfil its role in the merger of its plan, including adoption of the resolution called for by Confidential Attachment 1 to the report (September 11, 2017) from the Treasurer and diligent instruction of City pension staff regarding all statutory requirements, all in a timely manner.

9.  City Council authorize City staff to take all steps necessary to achieve the mergers on behalf of both the City and each administrator, as applicable.

Confidential Attachments 1, 2 and 3 to the report (September 11, 2017) from the Treasurer remain confidential in their entirety in accordance with the provisions of the City of Toronto Act, 2006, as they relate to the security of the City's or a local board's property. 

The Treasurer has been authorized to make public the terms of the Pension Transfer Agreements.

The Treasurer has also been authorized to make public the terms of the negotiated allocation of surplus assets for each plan immediately following the execution of the required documentation.