Valuation, and in consultation with the Executive Director of Transit Windsor and the City Treasurer. Where such approval is given, City Council would be advised as part of the next annual pension report.

The current amount of the LOC based on City Council’s prior approval is $5,043,936 (see Financial Matters). From this amount, a total of $4,890,005 has been applied in respect of a portion of the minimum required solvency special payments, which are due over the period beginning January 1, 2011 to December 31, 2019. The amount is considered a notional draw upon the City’s overall Line of Credit limit of $100 million. The historical increases to the LOC, as approved by the Transit Windsor Board and City Council, have automatic annual renewals unless the City of Windsor advises not to renew.

Discussion:

The Office of the Superintendent of Financial Institutions (OSFI) requires that the attached Actuarial Valuation of Transit Windsor’s Pension Plan be filed with OSFI no later than six months after the Plan’s year-end. This valuation establishes the monthly special payments that have to be made into the Plan to fund the solvency deficit. The Plan is subject to annual valuations until such time that the funding deficit is erased, after which valuations will be required every three years.

Transit Windsor’s actuaries, Mercer Canada, have now finalized the 2020 funding obligations arising from the 2019 valuation of Transit Windsor’s Pension Plan. Based on this valuation, the special payments required in 2020 to cover the Plan’s funding deficit are summarized below.

	2020 ActualFundingRequirements	2020 PreliminaryFundingRequirements (based upon 2019 funding requirements)	2019 Funding Requirements(based on the final 2018 valuation)
Employer Current Service Costs	$0(contribution holiday)	$100,000	$100,000
Special Payments
- Going Concern	$0	$0	$0
- Solvency	$0	$76,000	$76,000
Total Special Payments*	$0	$76,000	$76,000