Toronto Civic Employees’ Pension Plan Surplus – December 17, 2020
December 17, 2020
We are pleased to advise that the Chief Executive Officer of the Financial Services Regulatory Authority (“FSRA”) has issued a consent to the distribution of surplus from the Toronto Civic Employees’ Pension Plan Surplus (the “Civic Plan”), a copy of which can be accessed here. The wind-up report in respect of the Civic Plan has also been approved; a copy of this approval may be accessed here.
Now that the required regulatory approvals have been received, the City of Toronto is in a position to implement the Surplus Sharing Agreement between the City and Plan members, and we understand that payments should begin at the end of December 2020 or in January, 2021.