Board-specific processes and requirements
Metro Toronto Pension Plan Board of Trustees and Metro Toronto Police Benefit Fund Board of Trustees
The board-specific requirements set out below have been updated to reflect changes made by Council:
- July 2008 (GM16.3) relating to the composition and associated administrative matters.
Agency profile
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.
Board 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) - (advertised recruitment)
- 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) - (advertised recruitment)
- 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
Qualifications
In addition to the general eligibility requirements set out in the Public Appointments Policy, citizen board members must demonstrate:
- keen interest and knowledge of pension matters
- extensive professional skills relating to investment management and financial administration
- possession of sound judgment and knowledge of local government procedures
- flexibility in daily work activities to permit attendance at all Board meetings; and attendance at meetings with the Funds' Investment and Actuarial Consultants and Investment Managers, and
- knowledge of general rules of procedure for Committees and ability to chair meetings.
Meetings
The Boards of Trustees meet approximately six times per year.
Other meetings may be held at the call of the Chair.
Remuneration
| Metro Toronto Pension Fund Chair | $7,500 per annum |
| Metro Toronto Police Benefit Fund Chair | $7,500 per annum |
Nomination process - advertised recruitment
The 1 citizen member on each Board is recruited through City-wide media advertising, screened against Council approved qualifications by the City Treasurer and short-listed, interviewed and nominated by the City Treasurer to the City's Civic Appointments Committee for recommendation to Council.
Related links
- Metro Toronto Pension Plan Board of Trustees and Metro Toronto Police Benefit Fund Board of Trustees