Toronto Civic Employees’ Pension Plan Surplus, October 4, 2019
October 4, 2019
We are pleased to advise that the Financial Services Regulatory Authority (“FSRA”) has issued an order approving the merger of the Toronto Civic Employees’ Pension Plan (the “Civic Plan”) with the Ontario Municipal Employees’ Retirement System (“OMERS”). This significant step is a precondition to any distribution of surplus from the Civic Plan.
We are advised that members of the Civic Plan will shortly be receiving a welcome package from OMERS, in mid to late October, 2019, and that pension payments from OMERS will begin in November, 2019.
A number of further regulatory steps are required before any surplus can be distributed to Civic Plan members, including the following:
- a wind-up report for the Civic 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.
