Item - 2019.GL9.4
Tracking Status
- City Council adopted this item on November 26, 2019 without amendments and without debate.
- This item was considered by the General Government and Licensing Committee on November 18, 2019 and adopted without amendment. It will be considered by City Council on November 26, 2019.
- See also By-laws 1630-2019, 430-2023
GL9.4 - Metropolitan Toronto Police Benefit Fund - Termination/Wind-Up and Surplus Distribution
- Decision Type:
- ACTION
- Status:
- Adopted on Consent
- Wards:
- All
City Council Decision
City Council on November 26 and 27, 2019, adopted the following:
1. City Council amend Schedule A to By-law 116-2018, as amended, governing the Metropolitan Toronto Police Benefit Fund (the Plan), to provide for the distribution of the surplus to the members of the Plan, in accordance with the Surplus Sharing Agreement dated June 1, 2018.
2. City Council approve the termination of the Metropolitan Toronto Police Benefit Fund (the Plan), outlined in Schedule A to By-law 116-2018, as amended, effective November 30, 2019, and authorize the City Solicitor, following the distribution of the Plan's remaining assets in accordance with the Surplus Sharing Agreement dated June 1, 2018, to introduce a Bill to repeal By-law 116-2018, as amended.
Background Information (Committee)
https://www.toronto.ca/legdocs/mmis/2019/gl/bgrd/backgroundfile-139664.pdf
GL9.4 - Metropolitan Toronto Police Benefit Fund - Termination/Wind-Up and Surplus Distribution
- Decision Type:
- ACTION
- Status:
- Adopted
- Wards:
- All
Committee Recommendations
The General Government and Licensing Committee recommends that:
1. City Council amend Schedule A attached to By-law 116-2018, as amended, governing the Metropolitan Toronto Police Benefit Fund (the Plan), to provide for the distribution of the surplus to the members of the Plan, in accordance with the Surplus Sharing Agreement dated June 1, 2018.
2. City Council approve the termination of the Metropolitan Toronto Police Benefit Fund (the Plan), outlined in Schedule A attached to By-law 116-2018, as amended, effective November 30, 2019, and authorize the City Solicitor, following the distribution of the Plan's remaining assets in accordance with the Surplus Sharing Agreement dated June 1, 2018, to introduce a Bill to repeal By-law 116-2018, as amended.
Origin
Summary
This report seeks authority from City Council to:
1. amend the By-law governing the Metropolitan Toronto Police Benefit Fund (the Plan) to provide for surplus distribution to the members of the Plan, in accordance with the Surplus Sharing Agreement dated June 1, 2018, approved and adopted by City Council at its meeting on July 23, 24, 25, 26, 27, and 30, 2018;
2. terminate the Metropolitan Toronto Police Benefit Fund (the Plan), effective November 30, 2019, and distribute the surplus assets remaining following the November 5, 2019 merger of the Plan with OMERS ("remaining assets"); and
3. introduce a Bill to repeal By-law 116-2018, as amended, upon completion of the distribution of the remaining surplus assets of the Plan.
Background Information
https://www.toronto.ca/legdocs/mmis/2019/gl/bgrd/backgroundfile-139664.pdf