IN THE MATTER OF the Pension Benefits Act, R.S.O. 1990, c. P.8, as amended (the “PBA”);
AND IN THE MATTER OF a Notice of Intended Decision of the Superintendent of Financial Services to Refuse to Make an Order and to Refuse to Decline to Make an Order under section 87 of the PBA relating to the Metropolitan Toronto Pension Plan, Registration Number 0351577.
City of Toronto
Metro Hall, 26th Floor, Stn. 1260
55 John Street
Toronto ON M5V 3C6
Board of Trustees for the Metropolitan Toronto Pension Plan
Metro Hall, 13th Floor
55 John Street
Toronto ON M5V 3C6
Chair, Board of Trustee for the Metropolitan Toronto Pension Plan
NOTICE OF INTENDED DECISION
I INTEND TO REFUSE TO MAKE AN ORDER in respect of the Metropolitan Toronto Pension Plan, Registration Number 0351577 (the “Plan”), under sections 87(1), 87(2) and 89(2) of the PBA requiring the payment of specific expenses from the Plan fund.
Si vous désirez recevoir cet avis en français, veuillez envoyer votre demande immédiatement à : Adjointe, audiences, Greffe, Commission des service financiers de l’Ontario, 5160 rue Yonge, Toronto ON M2N 6L9.
YOU ARE ENTITLED TO A HEARING by the Financial Services Tribunal (the “Tribunal”) pursuant to section 89(6) of the PBA. 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 of Financial Services (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 PBA and the regulations, and for such purposes, the Tribunal may substitute its opinion for that of the Superintendent.
IF NO WRITTEN REQUEST FOR A HEARING IS MADE within thirty 30 days after this Notice is served on you, TAKE NOTICE THAT the Superintendent will carry out the refusal to make an order pursuant to section 89(7).
A completed Request for Hearing form must be received by the Tribunal within 30 days of this Notice is served on you. The Request for Hearing form may be mailed, faxed or delivered to:
Financial Services Tribunal
5160 Yonge Street, 14th Floor
Toronto ON M2N 6L9
Attention: The Registrar
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.O. 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.
REASONS FOR PROPOSAL
ADMINISTRATIVE SERVICES AND COSTS
8. (1) Subject to subsections (2) and (3), the Metropolitan Treasurer shall, through the facilities of the Metropolitan Treasury Department, provide all administrative staff and services required for the efficient operation of the Plan.
(2) The Metropolitan Clerk shall, through the facilities of the Metropolitan Clerk's Department, record the proceedings of the Board of Trustees and execute such secretarial instructions as may be received from the Board of Trustees.
(3) The Metropolitan Treasurer and the Metropolitan Auditor shall be the Treasurer and the Auditor respectively of the fund and they shall report annually to the Board of Trustees and the Metropolitan Corporation.
(4) Subject to the approval of the Board of Trustees, the following costs of administering the Plan shall be paid from the fund:
(a) fees payable to the actuary, medical practitioners, custodians and advisers retained by the Board of Trustees;
(b) direct costs arising out of the administration of the fund; and
(c) expenses actually incurred by a Trustee in the capacity as such, provided that
(i) the expenses shall be in accordance with the by-law of the Council respecting the expenses of its members; and
(ii) the expenses of the mayor of the City and any Trustee who is a member of the Council shall not be paid from the fund.
(5) The employers shall pay all costs in connection with the Plan not provided for in subsection (4), including the remuneration of the chairman of the Board of Trustees and the costs associated with subsections (1) to (3).
22.1 (1) The administrator of a pension plan is entitled to be paid from the pension fund the administrator’s reasonable fees and expenses relating to the administration of the pension plan and the administration and investment of the pension fund.
(5) However, the administrator is not permitted to pay from the pension fund to an agent, employer or other person described in subsection (4) the fees and expenses relating to the administration of the pension plan or the administration and investment of the pension fund,
(a) if payment to the agent, employer or other person is prohibited, or payment of the fees and expenses is otherwise provided for, under the documents that create and support the pension plan or the pension fund; or
(b) if payment to the agent, employer or other person is prohibited, or payment of those fees and expenses is otherwise provided for, under the Act or regulations.
2008 and 2009 Auditor Expenses
Board Member Election Expenses
DATED at Toronto, Ontario, this 22nd day of December, 2017.
Original Signed By
Lester J. Wong
Deputy Superintendent, Pensions
By Delegated Authority from the
Superintendent of Financial Services
1NOTE - Pursuant to section 112 of the PBA any Notice, Order or other document is sufficiently given, served or delivered if delivered personally or sent by regular mail and any document sent by regular mail shall be deemed to be given, served or delivered on the fifth day after the date of mailing.