Board-specific processes and requirements
Toronto Civic Employees' Pension and Benefit Fund Committee and
Toronto Fire Department Superannuation and Benefit Fund Committee
The board-specific requirements set out below have been updated to reflect changes made by Council:
- July 2008 (GM16.5) relating to the composition and associated administrative matters.
Agency profile
The Toronto Civic Employees' Pension and Benefit Fund and the Toronto Fire Department Superannuation and Benefit Fund are financial trusts.
The Pension and Benefit Fund Committees 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 Pension and Benefit Fund Committees are responsible for:
- custody of the 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
Toronto Civic Employees' Pension and Benefit Fund Committee consists of 7 members:
- 1 external citizen member nominated by the committee for appointment by City Council (who is elected as chair) - (advertised recruitment)
- 2 City Councillors
- 2 Toronto Civic Pensioners Protective Association (TCPPA) representatives or alternates
- 1 Local 79 or TCPPA representative or alternate
- the City Treasurer (or designate)
Toronto Fire Department Superannuation and Benefit Fund Committee consists of 7 members:
- 1 external citizen member nominated by the committee for appointment by City Council (who is elected as chair) - (advertised recruitment)
- 2 City Councillors
- 3 Toronto Fire Department Pensioners' Association (TFDPA) or alternates
- the City Treasurer (ex officio)
Qualifications
The 1 citizen (independent) member for each Benefit Fund Committee shall not be a member or former member of the Benefit Fund.
In addition to the general eligibility requirements set out in the Public Appointments Policy, the citizen member should possess:
- demonstrated experience in pension fund investment management and financial matters
- knowledge of pension legislation and defined benefit plans, along with sound judgment
- knowledge of rules of procedure and ability to chair meetings, and
- flexibility in daily work activities to permit attendance at all Committee meetings and meetings with Fund managers and advisors.
Meetings
The Pension and Benefit Fund Committees meet on a quarterly basis.
Remuneration
| Toronto Civic Employees' Pension and Benefit Plan Chair: | $7,500 per annum |
| Toronto Fire Department Superannuation and Benefit Fund Chair: | $7,500 per annum |
Nomination process - advertised recruitment
The 1 citizen (independent) member on each body is recruited through City-wide media advertising, screened against Council approved qualifications by the City Treasurer and short-listed, interviewed and nominated by a nominating panel of each Benefit Fund Committee to the City's Civic Appointments Committee for recommendation to Council.