Item - 2017.GM23.3
Tracking Status
- City Council adopted this item on December 5, 2017 without amendments and without debate.
- This item was considered by the Government Management Committee on November 13, 2017 and adopted without amendment. It will be considered by City Council on December 5, 2017.
- See also By-law 1428-2017
GM23.3 - Consolidation of Text of The Corporation of the City of York Employee Pension Plan
- Decision Type:
- ACTION
- Status:
- Adopted on Consent
- Wards:
- All
City Council Decision
City Council on December 5, 6, 7 and 8, 2017, adopted the following:
1. City Council authorize the introduction of a bill to:
a. consolidate, to the satisfaction of the City Solicitor, all amendments since the last revision and consolidation of the text of The Corporation of the City of York Employee Pension Plan put in place by By-law 3349-96 of the former Corporation of the City of York, together with the further amendments described in the report (October 30, 2017) from the Treasurer and City Solicitor;
b. stipulate, to the satisfaction of the City Solicitor, that the text of the Plan as so consolidated is to be interpreted to reflect:
i. that the City of Toronto has assumed all obligations of the former City of York as of January 1, 1998 under the Plan;
ii. the retirement in 2004 of the last active member of the Plan; and
iii. that the expectation as to indefinite continuation of the Plan set forth in section 17.01 of the Plan text is to be interpreted as being subject to the expectation of the forthcoming merger of the Plan into the OMERS Primary Plan; and
c. repeal By-law 3349-96 of the former City of York.
Background Information (Committee)
https://www.toronto.ca/legdocs/mmis/2017/gm/bgrd/backgroundfile-108478.pdf
GM23.3 - Consolidation of Text of The Corporation of the City of York Employee Pension Plan
- Decision Type:
- ACTION
- Status:
- Adopted
- Wards:
- All
Committee Recommendations
The Government Management Committee recommends that:
1. City Council authorize the introduction of a bill to:
a. consolidate, to the satisfaction of the City Solicitor, all amendments since the last revision and consolidation of the text of The Corporation of the City of York Employee Pension Plan put in place by By-law 3349-96 of the former Corporation of the City of York, together with the further amendments described in the body of the report (October 30, 2017) from the Treasurer and City Solicitor;
b. stipulate, to the satisfaction of the City Solicitor, that the text of the Plan as so consolidated is to be interpreted to reflect:
i. that the City of Toronto has assumed all obligations of the former City of York as of January 1, 1998 under the Plan;
ii. the retirement in 2004 of the last active member of the Plan; and
iii. that the expectation as to indefinite continuation of the Plan set forth in section 17.01 of the Plan text is to be interpreted as being subject to the expectation of the forthcoming merger of the Plan into the OMERS Primary Plan; and
c. repeal By-law 3349-96 of the former City of York.
Origin
Summary
This report seeks authority to revise and re-enact the text of the by-law (currently Former City of York By-law 3349-96) governing The Corporation of the City of York Employee Pension Plan, which is now sponsored by the City as a result of the 1998 amalgamation. The revision will take into account all amendments made since the last revision and re-enactment in 1996 and will also bring the text into harmony with the Plan's current administrative practices. This re-enactment is a requirement of the Pension Transfer Agreement to be entered into between the City and OMERS for the merger of that Plan into the OMERS Primary Plan, as recently authorized by City Council, and will assist OMERS in implementing the merger.
Background Information
https://www.toronto.ca/legdocs/mmis/2017/gm/bgrd/backgroundfile-108478.pdf