Item - 2019.GL9.5
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 1670-2019, 145-2023
GL9.5 - Toronto Civic Employees' Pension Plan - 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 100-2018, as amended, governing the Toronto Civic Employees' Pension Plan (the Plan), to provide for the distribution of the surplus to the members of the Plan, in accordance with the Surplus Sharing Agreement dated May 11, 2018.
2. City Council approve the termination of the Toronto Civic Employees' Pension Plan (the Plan), outlined in Schedule A to By-law 100-2018, 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 May 11, 2018, to introduce a Bill to repeal By-law 100-2018, as amended.
Background Information (Committee)
https://www.toronto.ca/legdocs/mmis/2019/gl/bgrd/backgroundfile-139665.pdf
GL9.5 - Toronto Civic Employees' Pension Plan - 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 100-2018, as amended, governing the Toronto Civic Employees' Pension Plan (the Plan), to provide for the distribution of the surplus to the members of the Plan, in accordance with the Surplus Sharing Agreement dated May 11, 2018.
2. City Council approve the termination of the Toronto Civic Employees' Pension Plan (the Plan), outlined in Schedule A attached to By-law 100-2018, 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 May 11, 2018, to introduce a Bill to repeal By-law 100-2018, as amended.
Origin
Summary
This report seeks authority from City Council to:
1. amend the By-law governing the Toronto Civic Employees' Pension Plan (the Plan) to provide for surplus distribution to the members of the Plan, in accordance with the Surplus Sharing Agreement dated May 11, 2018;
2. terminate the Toronto Civic Employees' Pension Plan (the Plan), effective November 30, 2019, and distribute the surplus assets remaining following the October 7, 2019 merger of the Civic Plan with OMERS ("remaining assets"); and
3. introduce a Bill to repeal By-law 100-2018, 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-139665.pdf