Item - 2021.GL24.5
Tracking Status
- City Council adopted this item on July 14, 2021 without amendments and without debate.
- This item was considered by General Government and Licensing Committee on June 29, 2021 and was adopted with amendments. It will be considered by City Council on July 14, 2021.
GL24.5 - Annual Update on OMERS as it Relates to the City's Employer Contributions
- Decision Type:
- ACTION
- Status:
- Adopted on Consent
- Wards:
- All
City Council Decision
City Council on July 14, 15 and 16, 2021, adopted the following:
1. City Council request that the OMERS Administration Board of Directors:
a. implement improved disclosure of investment performance and management measures to ensure the sustainability of the OMERS pension plans and that these measures include specific information on how each OMERS division is effectively fulfilling core functions, achieving performance measures, and verifiable annual plans to improve continuously;
b. advise the OMERS Sponsors Corporation Board of Directors on improved disclosure surrounding its decisions and expenses;
c. publish, annually, the OMERS investment performance and actuarial valuation and share with all OMERS employers, members and retirees;
d. request permanent annual financial reporting on how OMERS performs on one, three, five, ten and twenty-year bases;
e. compare the performance and disclosure measurements against its Ontario and Canadian public pension fund managing peers, including unedited results from any participation in the CEM Pension Administration Benchmarking Study that measures peer pension funds' efficiency in delivering benefits;
f. make this resolution available to all OMERS employers, sponsors, unions and non-union municipal workers, non-teaching staff of school boards and employees of children's aid societies, transit systems and electrical utilities; and
g. report back to the General Government and Licensing Committee in December 2021, and continue to report to the General Government and Licensing Committee twice a year.
2. City Council request the appropriate City staff to include the enhancements to information, in Part 1 above, in future reports to the General Government and Licensing Committee, including investment performance trends over time and other comparison benchmarks.
Background Information (Committee)
https://www.toronto.ca/legdocs/mmis/2021/gl/bgrd/backgroundfile-168267.pdf
(June 29, 2021) Presentation from the Director, OMERS Sponsors Corporation and the Director, OMERS Administration Corporation on Annual Update on OMERS as it Relates to the City's Employer Contributions
https://www.toronto.ca/legdocs/mmis/2021/gl/bgrd/backgroundfile-168846.pdf
GL24.5 - Annual Update on OMERS as it Relates to the City's Employer Contributions
- Decision Type:
- ACTION
- Status:
- Amended
- Wards:
- All
Committee Recommendations
The General Government and Licensing Committee recommends that:
1. City Council request that the OMERS Administration Board of Directors:
a. implement improved disclosure of investment performance and management measures to ensure the sustainability of the OMERS pension plans and that these measures include specific information on how each OMERS division is effectively fulfilling core functions, achieving performance measures, and verifiable annual plans to improve continuously;
b. advise the OMERS Sponsors Corporation Board of Directors on improved disclosure surrounding its decisions and expenses;
c. publish, annually, the OMERS investment performance and actuarial valuation and share with all OMERS employers, members and retirees;
d. request permanent annual financial reporting on how OMERS performs on one, three, five, ten and twenty-year bases;
e. compare the performance and disclosure measurements against its Ontario and Canadian public pension fund managing peers, including unedited results from any participation in the CEM Pension Administration Benchmarking Study that measures peer pension funds' efficiency in delivering benefits;
f. make this resolution available to all OMERS employers, sponsors, unions and non-union municipal workers, non-teaching staff of school boards and employees of children's aid societies, transit systems and electrical utilities; and
g. report back to the General Government and Licensing Committee in December 2021, and continue to report to the General Government and Licensing Committee twice a year.
2. City Council request the appropriate City staff to include the enhancements to information, in Part 1 above, in future reports to the General Government and Licensing Committee, including investment performance trends over time and other comparison benchmarks.
Origin
Summary
The purpose of this report is to provide the annual summary of the City's employer contributions submitted to OMERS and to provide information of the City's total members and contributions relative to the overall OMERS plan members and contributions. We are reporting on years 2019 and 2020 together as a result of the COVID 19 pandemic.
Background Information
https://www.toronto.ca/legdocs/mmis/2021/gl/bgrd/backgroundfile-168267.pdf
(June 29, 2021) Presentation from the Director, OMERS Sponsors Corporation and the Director, OMERS Administration Corporation on Annual Update on OMERS as it Relates to the City's Employer Contributions
https://www.toronto.ca/legdocs/mmis/2021/gl/bgrd/backgroundfile-168846.pdf
Speakers
Motions
That General Government and Licensing Committee recommend that:
1. City Council recommend that the OMERS Administration Board of Directors:
a. implement improved disclosure of investment performance and management measures to ensure the sustainability of the OMERS pension plans and that these measures include specific information on how each OMERS division is effectively fulfilling core functions, achieving performance measures, and verifiable annual plans to improve continuously;
b. advise the OMERS Sponsors Corporation Board of Directors on improved disclosure surrounding its decisions and expenses;
c. publish, annually, the OMERS investment performance and actuarial valuation and share with all OMERS employers, members and retirees;
d. request permanent annual financial reporting on how OMERS performs on one, three, five, ten and twenty-year bases;
e. compare the performance and disclosure measurements against its Ontario and Canadian public pension fund managing peers, including unedited results from any participation in the CEM Pension Administration Benchmarking Study that measures peer pension funds' efficiency in delivering benefits;
f. make this resolution available to all OMERS employers, sponsors, unions and non-union municipal workers, non-teaching staff of school boards and employees of children's aid societies, transit systems and electrical utilities; and
g. request that OMERS report back to the General Government and Licensing Committee in December 2021, and continue to report to the General Government and Licensing Committee twice a year.
2. City Council request the appropriate City staff to include the enhancements to information, in Part 1 above, in future reports to the General Government and Licensing Committee, including investment performance trends over time and other comparison benchmarks.