The following updates the time line for the merger. Paul Enright sits on the Metro Pension Board and advised of the following… “If you wish to inform your members that as it stands now we will be going into Omers as of Jan 8th 2020and they will start to collect their pension from Omers as of Feb 1st with the automatic increase included . Three to six months after that there will be a pay out of the reserves.”
Thanks — Paul Enright
Original Post…
Recently there have been some questions regarding the above noted Pension Plan. For those that may have interest in these plans that are merging with OMERS, the following information is from the City of Toronto Website and speaks to the five (5) pre OMERS Pension Plans.
“As at December 31, 2018, The City administered five (5) pre-OMERS defined-benefit pension plans, with total assets of approximately $1.5 billion. The plans are:
- Corporation of the City of York Employee Pension Plan (York Plan)
- Toronto Civic Employees’ Pension Plan (Civic Plan)
- Metropolitan Toronto Police Benefit Fund (Police Plan)
- Metropolitan Toronto Pension Plan (Metro Plan)
- Toronto Fire Department Superannuation and Benefit Fund (Fire Plan)”
“On January 8, 2019, the York Plan formally merged with OMERS and final efforts are in progress to disperse a small surplus to members. Of the four (4) remaining CitySponsored plans, the Civic, Police, and Metro Plans are expected to merge with OMERS in October 2019, November 2019, and January 2020, respectively. It is expected that a surplus will exist as a result of each of these 3 mergers and that in 2020, these assets will be dispersed to members and to the City of Toronto as per the terms and conditions of respective surplus sharing agreements that have been signed between the City and a small group of Plan trustees who negotiated on behalf of plan members at large. The Fire Plan and the City of Toronto are not pursuing a merger with OMERS at this time. ”
Follow this link for the complete report – Metropolitan Toronto Pension Plan