June 1, 1999
ADMINISTRATION COMMITTEE:
The Board of Trustees of the Metropolitan Toronto Police Benefit Fund on May 28, 1999, had before it a communuction
(May 19, 1999), submitted by Mr. Robert Camp, William M. Mercer Limited, setting out the cost of possible plan
upgrades, as requested by the Board of Trustees, for their information.
The Board of Trustees recommended to the Administration Committee that the following plan upgrades be considered:
(1)refund Member Contributions made to the Fund after 35 years of service has been credited, for active members and
retired members and spouses, for which the cost is expected to be $3.50 million, similiar to what OMERS has proposed;
(2)change the offset when Canada Pension Plan starts from a three-year average calculation to a five-year calculation, for
active members and retired members and spouses under 65 years of age, for which the cost is expected to be $1.80 million,
similar to what OMERS has proposed;
(3)extend the survior continuation percentage to 100%, as long as no current member is adversely affected, for which the
cost is expected to be $0.05 million, as follows:
one survivor 66.67%
two survivors 80.00%
three survivors 90.00%
four or more survivors100.00%
(4)the authority be granted for the introduction in Council of the necessary Bills to give effect to Recommendations No.
(1, 2 and 3).
The Board of Trustees also:
(i)requested the City Solicitor to draft the appropriate amending by-law respecting Recommendations No. (1, 2 and 3),
and submit such draft by-law directly to the Administration Committee for consideration with this matter.
(ii)requested Mr. Robert Camp, William M. Mercer Limited, to provide a formal costing if the minimum pension was
increased and include the figure for that costing in his Year 2000 Actuary Report.
Board Secretary, Board of Trustees
Metropolitan Toronto Police Benefit Fund and
Metropolitan Toronto Pension Plan
B. Bushe/bb
Ref: Item- 4 Police
Attachments
Sent to:Administration Committee
Chief Financial Officer and Treasurer
Mr. R. Camp, William M. Mercer Limited
City Solicitor
c.Ms. I. Zanardo, Director of Pensions, Payroll & Employee Benefits Services
Mr. R. Coopman, Manager, Pension Administration,
Mr. D. Brown, Toronto Legal Services
