HomeMy WebLinkAbout03 123 omers settlement
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THE CORPORATION OF THE MUNICIPALITY OF KINC INE
BY-LAW
NO. 2003 -123
A BY-LAW TO AUTHORIZE THE SETTLEN/ENT
OF CERTAIN MATTERS RELATING T<1>
THE OMERS ENTITLEMENTS OF i
FORMER MUNICIPAL POLICE OFFICEr,S
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WHEREAS in 1994 the Municipality disbanded its police torce and began
contracting with the Ontario Provincial Police (the "OPP") for P41ice services;
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AND WHEREAS, as a result of this contract, ten former ¡members of the
municipal police force became OPP Officers (the "Municipal Polce Officers");
AND WHEREAS the Municipal Police Officers had been mu~icipal employees
contributing and earning pension benefits from the Ontario Mu~icipal Employees
Retirement System ("OMERS"); I
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AND WHEREAS after becoming OPP Officers the said Municipal Police Officers
began to contribute to and earn pension benefits from the Ontalrio Public Service
Pension Plan ("PSPP"); i
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AND WHEREAS there was a possibility that the said Municipþl Police Officers
would not receive full credit in PSPP for all of their years òt credited service
under OMERS, because of differing benefit provisions; !
AND WHEREAS it was proposed that the past service bene~ts earned under
OMERS would be transferred to PSPP, so that at retirement all pension benefits
would be paid under a single pension plan;
AND WHEREAS the Municipality created a reserve fund to ma age the OMERS
Type III Surplus Funds, to be used to correct any inequity su ered by a former
Municipal Police Officer owing to the amalgamation of the OM RS pension fund
and the PSPP pension fund;
AND WHEREAS the provisions of the Pension Benefits Act, ~.S.O 1990, c.P.B,
as amended, have been considered and adhered to; I
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AND WHEREAS the C.A.O. and the Treasurer have ne~otiated with the
designated representatives of the Municipal Police Officers, w 0 have agreed to
an apportionment of the Type III Surplus Funds that is satisf ctory to all of the
Municipal Police Officers; :
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AND WHEREAS each of the Municipal Police Officers h~s indicated their
consent to the proposed apportionment in writing; I
AND WHEREAS in order to put this agreement into effect, OM~RS requires that
certain forms be completed and certain agreements entered intf
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OMERS Settlement By-Law
By-Law 2003 - 123
Page 2 of 2
NOW THEREFORE the Council for The Corporation of th¢ Municipality of
Kincardine ENACTS as follows:
1. That the Mayor and C.A.O. be authorized to e~ecute individual
agreements with each of the Municipal Police Officers and such other
documents, on behalf of The Corporation of the Municipality of Kincardine,
as they may deem advisable in order to give effect to ,the terms of the
OMERS Option Election Form. The amounts of the Type III Surplus
Funds to be apportioned to each of the Municipal Poli¢e Officers under
these agreements shall be equal to the proportions that ~ave.been agreed
to by those officers.
2. That the aggregate amount of all funds to be paid to th~ Municipal Police
Officers by the Municipality be not greater than the amqunt on deposit in
the OMERS Type III Surplus Funds (March 31st, 200~) attributable to
those officers as adjusted in accordance with the individu~1 agreement.
3.
This by-law shall come into full force and effect upon its final passage.
4. This By-law may be cited as the "OMERS Settlement BY-law".
READ a FIRST, SECOND and THIRD TIME and DEEMED !TO BE PASSED
this 20th day of August, 2003.
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