November 9, 2020
We are pleased to advise that on November 3, 2020, the CEO of the Financial Services Regulatory Authority (“FSRA”) issued a Notice of Intended Decision (“NOID”), proposing to consent to the distribution of surplus from Toronto Civic Employees’ Pension and Benefit Fund (the “Civic Plan”), in accordance with the terms of the surplus sharing agreement between Plan members and the City. A copy of the NOID can be accessed here.
The CEO of FSRA will issue a formal Order within 30 days approving the distribution unless there are any objections. If there are objections then the objectors must request a hearing before the Financial Services Tribunal. We do not anticipate any objections and expect that the distribution will follow commencing in December 2020 or early 2021.
We will be posting further updates to this website as soon as further information is known regarding the final approval of the surplus distribution, and the timing for surplus distribution.