Special Purpose Bodies > Financial Trusts > Pension Bodies
Metro Toronto Pension Plan Board of Trustees and
Metro Toronto Police Benefit Fund Board of Trustees
The Metro Toronto Pension Plan and the Metro Toronto Police Benefit Fund are financial trusts.
The boards of trustees are special purpose bodies that manage and control the pension funds to ensure that they are administered in accordance with regulatory requirements and the bylaws of the plans.
Responsibilities
The boards of trustees are responsible for:
- custody of the pension funds, including the investment of monies in conformity with the requirements of the Pension Benefits Act, the Income Tax Act, and regulations
- payment of pension benefits to members when entitled
- keeping proper and correct accounts of all receipts and disbursements, to the satisfaction of the auditor of the funds
Term of office
Four years.
Composition
For both boards of trustees, once there ceases to be any active members in the respective plans, all vacancies in the position of trustee formerly filled by an active member shall be filled by a retired member of the plan.
Metro Toronto Pension Fund Board of Trustees consists of 7 members:
- 1 citizen member appointed by Council (who is usually elected as Chair)
- Mayor (or designate)
- 2 City Councillors
- 2 retired members of the plan
- 1 active member/retired member of the plan
Metro Toronto Police Benefit Fund Board of Trustees consists of 10 members:
- 1 citizen member appointed by Council (who is usually elected as Chair)
- Mayor (or designate)
- 2 City Councillors
- Chair of the Police Services Board (or designate)
- 3 retired members of the fund
- 1 active member/retired member of the fund
- City Treasurer (or designate)
As of December 1, 2010, the composition of the Metro Toronto Police Benefit Fund Board of Trustees will be reduced to 8 members, with the following 2 Trustee positions being eliminated:
- Chair of the Police Services Board (or designate)
- 1 retired member of the fund
Meetings
The boards of trustees meet approximately six times per year.
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