Toronto Civic Employees’ Pension Plan Surplus, April 30, 2018
April 30, 2018
We are pleased to advise that, as of today’s date, we have received Authorization and Retainer forms from approximately 75% of eligible members, as required under the terms of the surplus sharing proposal (the “Proposal”). While we have reached the required threshold under the terms of the Proposal, members who have not yet submitted their Authorization and Retainer forms are encouraged to do so, as we will continue to accept these forms beyond May 15, 2018.
A number of further conditions are required in order for the Proposal to be implemented, including the following:
- Completion of the merger with OMERS; and
- Regulatory approval for the surplus distribution, as contemplated under the Proposal.
We do not expect the surplus to be distributed from the Plan prior to the end of 2019, at the earliest. We will continue to post periodic updates to this website to keep members advised as this matter proceeds.