THE CONTRIBUTORY PENSION PLAN FUND FOR EMPLOYEES OF TRANSIT WINDSOR

(Registration Number 353821)

Notes to Financial Statements (continued)
(in thousands of dollars unless otherwise stated)

Year ended December 31, 2019 

1. Description of the Plan: 

The Contributory Pension Plan for the Employees of Transit Windsor ("the Plan') is a defined benefit plan established to provide pension benefits to all employees of Transit Windsor ('the Sponsor") who meet the eligibility requirements as specified in the plan document. The Plan is a registered pension plan under the Federal Pension Benefits Standards Act (PBSA), registration number 57108 and is registered with Canada Revenue Agency (CRA), registration number 353821. The Plan is a registered pension trust as defined in the Income Tax Act and, accordingly, is not subject to income taxes. 

The Plan was frozen as at December 31, 1999 with all pension benefits for service on or after January 1, 2000 being provided through the Ontario Municipal Employees Retirement System. 

2. Basis of preparation: 

(a) Basis of presentation: 

The Plan has prepared these financial statements in accordance with Canadian accounting standards for pension plans excluding pension obligations and any resulting surplus or deficit. 

In selecting or changing accounting policies that do not relate to its investment portfolio or pension obligations, Canadian accounting standards for pension plans require the Plan to comply (on a consistent basis) with either International Financial Reporting Standards ("IFRS") in Part I of Chartered Professional Accountants' ("CPA") Canada, Handbook -Accounting or Canadian accounting standards for private enterprises in Part II of the CPA Handbook - Accounting. The Plan has chosen to comply on a consistent basis with IFRS. 

These financial statements have been prepared to assist the Administrator of the Contributory Pension Plan for the Employees of Transit Windsor in meeting the requirements of the Federal Pension Benefits Standards Act. As a result, these financial statements may not be suitable for another purpose. 

These financial statements of the Plan do not purport to show the adequacy of the Plan's assets to meet its pension obligation. Such an assessment requires additional information, such as the Plan's actuarial reports and information about the Sponsor's financial health.