5160 Yonge Street Telephone: 416 226 7776 Pension Plans Branch Téléphone : 416 226 7776 M2N 6L9 M2N 6L9 Toronto ON 16th Floor 5160, rue Yonge Toronto (Ontario) 16 étage Direction des regimes de retraite Ontario of Ontario de I Ontario Graham Abell, OMERS Administration Corporation c: Lisa He, Financial Services Commission of Ontario Enclosure Project Coordinator Thurka Thankathurai Yoyrs truly, Enclosed please find the Notice of Intended Decision in respect to the above pension plan. (Registration Number 0345983) Plan (Registration Number 0320622) to the OMERS Primary Pension Plan Re: Transfer of Assets from The Corporation of the City of York Employee Pension Audrey Mak Toronto ON M5H 0E2 900-100 Adelaide Street West OMERS Administration Corporation Vice President, Pension Policy Toronto ON MSV 3C6 55 John Street Metro Hall, 14th Floor City of Toronto Treasurer, Corporation of the City of York Pension Plan Atm: Mike St. Amant September 17, 2018 VIA COURIER Toll free: 1 800 668 0128 Sans frais: 1 800 668 0128 Facsimile: 416 526 7777 Tèlécopieur :416 226 7777 Commission services financiers Financial Services Commission des
IN THE MATTER OF the Pension Benefits Act, R.S.O. 1990, c. P.8, as amended (the PBA ); Services financiers I INTEND TO CONSENT, under section 80.4 of the PSA, to the transfer of assets from Page 1 of4 immédiatement a: Adjointe, audiences, Greffe, Commission des services financiers de Si vous desirez recevoir cet avis en francais, veuillez envoyer votre demande and the OMERS Plan be first adopted by the sponsors of the City of York Plan and the Superintendent ) under section 12 of the PBA. OMERS Plan and filed with the Superintendent of Financial Services (the application filed on July 17, 2018, provided that amendments to the City of York Plan of Toronto (the City ) filed on March 2, 2018, with additional materials to complete the the City of York Plan to the OMERS Plan in accordance with the application of the City NOTICE OF INTENDED DECISION OMERS Administration Corporation Toronto ON MSH 0E2 900-100 Adelaide Street West Vice President, Pension Policy AND TO: Audrey Mak Applicant and Employer Treasurer, Corporation of the City of York Pension Plan Attention: Mike St. Amant Toronto ON M5V 3C6 Metro Hall, j4th Floor TO: City of Toronto 55 John Street Plan ) to the OMERS Primary Pension Plan, Registration Number 0345983 ( OMERS Plan ). Employee Pension Plan, Registration Number 0320622 ( City of York PBA, to the transfer of assets from The Corporation of the City of York Superintendent of Financial Services to consent, under section 80.4 of the AND IN THE MATTER OF a Notice of Intended Decision of the Financial services Superintendent of Surintendant des
l Ontario, 5160 rue Yonge, boite 85, Toronto ON M2N 6L9. YOU ARE ENTITLED TO A HEARING by the Financial Services Tribunal (the Tribunal ) pursuant to section 89(6) of the PSA. A hearing before the Tribunal about this Notice of Intended Decision may be requested by completing the enclosed Request for Hearing (Form 1) and submitting it to the Tribunal within 30 days after this Notice of Intended Decision is served on you.1 A copy of that form is included with this Notice of Intended Decision. Additional copies can be obtained by visiting the Tribunal s website at www.fstontario.ca. If a Request for Hearing (Form 1)is submitted to the Tribunal within 30 days after this Notice of Intended Decision is served on you, sections 89(8) and 89(9) of the PBA provide that the Tribunal shall appoint a time for and hold a hearing, and by order may direct the Superintendent to make or refrain from making the intended decision indicated in this notice and to take such action as the Tribunal considers the Superintendent ought to take in accordance with the PRA and the regulations, and for such purposes, the Tribunal may substitute its opinion for that of the Superintendent. IF NO WRIHEN REQUEST FOR A HEARING IS MADE within 30 days after this Notice is served on you, TAKE NOTICE THAT, provided that the required City of York Plan and OMERS Plan amendments have been adopted and filed as set out herein, the Superintendent will make the intended decision pursuant to section 89(7) of the PBA. A completed Request for Hearing form must be received by the Tribunal within 30 days after this Notice is served on you. They may be mailed, faxed, or delivered to: Financial Services Tribunal 5160 Yonge Street, 14th Floor Toronto ON M2N 6L9 Attention: The Registrar Fax: 416-226-7750 The hearing before the Tribunal will proceed in accordance with the Rules of Practice and Procedure for Proceedings before the Financial Services Tribunal made under the authority of the Statutory Powers Procedure Act, R.S.D. 1990, c. S.22. Those Rules are available at the website of the Tribunal: www.fstontario.ca. Alternatively, a copy can be obtained by telephoning the Registrar of the Tribunal at 416-590-7294, or toll free at 1-800-668-0128 ext. 7294. NOTE - given, served or delivered if delivered personally or sent by regular mail and any document sent by to section 112 of the FDA any Notice, Order or other document is sufficiently Pursuant regular mail shall be deemed to be given, served or delivered on the fifth day after the date of mailing. Page 2 of 4
REASONS FOR DECISION: 1. On March 2, 2018, an application was made under section 80.4 of the PBA for the Superintendent s approval of a proposed conversion and transfer of assets from the City of York Plan to the OMERS Plan. A certified copy of the Notice of Application for the Superintendent s Consent sent to retired members and other persons entitled to benefits under the City of York Plan was filed with the Superintendent on July 17, 2018, together with additional materials submitted by the City to complete its application, including revised versions of proposed amendments to the City of York Plan and the OMERS Plan (collectively the Application ). 2. The City of York Plan is a single employer pension plan and the OMERS Plan is a jointly sponsored pension plan. The City of Toronto is the sponsor of the City of York Plan. The OMERS Plan is sponsored by the OMERS Sponsors Corporation. 3. Section 80.4(13) of the PBA provides that the Superintendent shall consent to the transfer of assets from a single employer pension plan to a jointly sponsored pension plan in accordance with the Application if all of the listed criteria are met. 4. The effective date of the proposed transfer of assets from the City of York Plan to the OMERS Plan is October 31, 2018. 5. In accordance with Schedule 10 of Ontario Regulation 311/15, proposed amendments to the City of York Plan and the OMERS Plan were filed as part of the Application. 6. In order for the Superintendent to be satisfied that the criterion under paragraph 8 of section 80.4(13) of the PRA have been met, the following must be satisfied: a. the proposed amendment to the OMERS Plan filed on July 17, 2018, must be updated to reflect the obligation assumed by the OMERS Plan for each transferee as of the effective date of the transfer; b. the administrator of the OMERS Plan must file with the Superintendent the text of the City of York Plan as a document that creates and supports the OMERS Plan; and c. both the proposed amendments to the City of York Plan and the OMERS Plan must be adopted by each of the City of Toronto and the OMERS Sponsors Corporation respectively, and filed with the Superintendent under section 12 of the PBA. Page 3 of 4
7. Once the amendments are adopted and filed as set out in paragraph 6 above, the criteria for the Superintendent s Consent under the section 80.4(13) of the PBA will be met. 8. Such further and other reasons as may come to my attention. DATED at Toronto, Ontario, this 2 7ay of %/e*v14.ea, 20 /8 LestQLIeng / DeputMIfperir)4dent, Pensions By delegated authority from the Superintendent of Financial Services COPY: Graham Abell Director, Actuarial Services OMERS Administration Corporation 900-100 Adelaide Street West Toronto ON M5H 0E2 Page 4 of 4
p. Ontario Financial Services Tribunal Form I - Request for Hearing For hearings before the Financial Services Tribunal To request a hearing to challenge a proposed or intended decision of the Superintendent of Financial Services, you must complete and file this form with the Registrar, Financial Services Tribunal, by mailing or delivering the form to 5160 Yonge Street, Box 85, 14th Floor, Toronto, ON M2N 6L9, or fax it to (416) 226-7750. Information that you file with the Tribunal in connection with this mailer will be available to all parties to the proceeding and will become part of the public record. When filing material with the Tribunal you may wish to consider protecting the privacy of individuals by removing social insurance numbers and other personal identifiers. Please refer to information For Parties With Privacy Concerns at wwwfstontario.ca. Tribunal hearings are open to the Public unless the Tribunal orders otherwise. The Tribunal s decisions are posted publicly on the internet. You may represent yourself before the Financial Services Tribunal or you may be represented by someone who is licensed under the Law Society Act to practice law or to provide legal services in Ontario (i.e., a lawyer or paralegal) or by someone who is not required to be licensed under that Act (e.g. a trade union representative or a friend helping out on a voluntary basis). If you are not sure whether or not a person can act as your representative (e.g., he or she is not a lawyer or a licensed paralegal), you should contact the Law Society of Upper Canada: (416) 947-3315, or 1-800-668-7380, or lawsociety@lsuc.on.ca. The Financial Services Tribunal cannot assist you in obtaining representation and cannot provide you with information about the authority or licence status of a representative. Note: You are required to fill out all sections of this form as completely as possible. Incomplete forms may be returned and may not be processed until they have been properly completed. Tribunal File Number Applicant s Name and Address o Mr. Q Mrs. 0 Ms. Last Name First Name Company Name or Organization Street Address Apt./Unit City Province Postal Code/ZIP Phone Number Ext. Fax Number Email Address FSco 1173E.4 (2017/10/01) Queens Printer for Ontario, 2017 Request for Hearing - Form 1 Page 1 of 3
.4 Applicant s Representative (if any) Q Mr. Q Mrs. Q Ms. Last Name First Name Firm Street Address AptJUnit City Province Postal Code/ZIP Phone Number Ext. Fax Number Email Address The Representative is: Q Lawyer (3 Paralegal licensed to provide legal service Q Not required to be licensed under the Law Society Act and its By-Laws Superintendent s Proposed or Intended Decision You must attach a copy of the Superintendent s Notice of Proposal or Intended Decision. Date of Superintendent s Notice of Proposal or Intended Decision Why do you disagree with the Superintendent s Proposed or Intended Decision? r a a Briefly outline why you disagree with what the Superintendent is proposing to do. Use point form if desired. Please be as specific as possible in referring to the statutory provisions relevant to your case. What do you want the Tribunal to decide or order? Wa a Explain as precisely as possible in what decision you want the Tribunal to make. Use point form if desired. FScO 1173E.4 (2017/10/01) Queen s Printer for Ontario, 2017 Request for Hearing - Form 1 Page 2 of 3
4 Other Interested Persons Other persons who may be affected by an order or decision of the Tribunal in this case, including any trade union(s) with bargaining rights, if applicable. French and Accessibility Requirements N A person has the right to communicate with the Registrars office and at hearings in French as provided in the French Language Services Act If a person intends to communicate in French as a party in a proceeding, the person shall indicate this intention in the Request for Hearing or in a letter filed with the Registrar as early as is practicable. Do you intend to communicate in French? QYes QNo Do you have any accessibility requirements for the proceeding? (e.g., wheel chair access, sign language interpreter, visual aids or any other accommodation) QYes QNo If yes, please describe Signature Applicant Name (please print) Applicant Signature Date (yyyy-mm-dd) Representative Name (please print) Representative Signature Date (yyyy-mm-dd) The personal information requested on this form is necessary for the proper administration of a lawfully authorized activity and is collected under the authority of the Financial Services Commission of Ontario Act, 1997. This information will be used for the purposes of the proceeding and will be available to all parties in the proceeding and will become part of the public record. Any questions about the collection and use of your personal information may be directed to the Registrar by telephone 1-800-668-0128 or 416-590-7294, or fax at (416) 226-7750. FSCO 1173E.4 (2017/10/01) Queen s Printerfor Ontario, 2017 Request for Hearing - Form 1 Page 3 of 3
a.