Item No. 9.2

Council Report: S 104/2020

Subject: The Contributory Pension Plan for Employees of Transit Windsor - Audited Financial Statements for the year ended 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 Environmental, Transportation & Public Safety Standing Committee sitting as the Transit Windsor Board of Directors:

APPROVE the Audited Financial Statements as at December 31, 2019, of the Contributory Pension Plan Fund for Employees of Transit Windsor; and,

DIRECT the Executive Director of Transit Windsor, as the Plan Administrator, to file the financial statements with the Office of the Superintendent of Financial Institutions Canada (OSFI).

Executive Summary:

N/A.

Background:

The Contributory Pension Plan for the Employees of Transit Windsor is a defined benefit plan established to provide pension benefits to all employees of Transit Windsor who meet the eligibility requirements as specified in the plan document. The Plan is registered with the Canada Revenue Agency (CRA) under the Federal Pension Benefits Standards Act (PBSA). The Plan is also a registered pension trust as defined in the Income Tax Act and as such is not subject to income taxes. The Plan was frozen as at December 31, 1999.

Although Federal legislation does not require an independent audit of pension plans, the Board’s resolution, T.W. 2702/97, adopted on April 10, 1997, directed: