January 8, 2020
We are pleased to advise that the Financial Services Regulatory Authority (“FSRA”) has issued an order approving the merger of the Metropolitan Toronto Pension Plan (the “Metro Plan”) with the Ontario Municipal Employees’ Retirement System (“OMERS”). This significant step is a precondition to any distribution of surplus from the Metro Plan.
We are advised that members of the Metro Plan will shortly be receiving a welcome package from OMERS, likely during the week of January 13, 2020, and that pension payments from OMERS will begin effective February 2, 2020.
A number of further regulatory steps are required before any surplus can be distributed to Metro Plan members, including the following:
- a wind-up report for the Metro Plan must be filed and approved by the provincial regulator; and
- a formal surplus withdrawal application must be filed and approved by the provincial regulator.
We will continue to post periodic updates on this website to keep members advised as this matter proceeds.