Item No. 9.1

Council Report: S 103/2020

Subject: The Contributory Pension Plan for Employees of Transit Windsor - Actuarial Valuation as at December 31, 2019 - City Wide

Reference:

Date to Council: August 26, 2020
Author: Patrick Delmore
Executive Director, Transit Windsor
519-944-4141 ext 2232
pdelmore@citywindsor.ca
Transit Windsor
Report Date: July 31, 2020
Clerk’s File #: MT/13708

To: Mayor and Members of City Council

Recommendation:

THAT the Environment, Transportation & Public Safety Standing Committee sitting as the Transit Windsor Board of Directors:

1. APPROVE the Actuarial Valuation of the Contributory Pension Plan for Employees of Transit Windsor as at December 31, 2019; and,

2. DIRECT the Executive Director of Transit Windsor, as the Plan Administrator, to forward the Actuarial Valuation as at December 31, 2019, to the Office of the Superintendent of Financial Institutions and to the Canada Revenue Agency.

3. APPROVE the reduction of the established Letter of Credit by $153,931.

Executive Summary:

N/A.

Background:

This report provides the information required for approval of the Actuarial Valuation of the Transit Windsor Contribution Pension Plan for Employees as at December 31, 2019.

Pension benefits for employees of Transit Windsor are accrued under two separate and distinct pension plans: the frozen Transit Windsor Pension Plan and OMERS. Benefits for service up to December 31, 1999, are frozen under the Transit Windsor Pension Plan, while benefits for service from January 1, 2000, are provided under OMERS.