The York Employees' Pension Plan is a financial trust.
The York Employees' Pension and Benefit Committee is a special purpose body that manages and controls the pension funds to ensure that they are administered in accordance with regulatory requirements and the bylaws of the plan.
The Pension and Benefit Committee is responsible for:
- custody of the pension funds, including the investment of monies in conformity with the requirements of the Pension Benefits Act, the Income Tax Act, and regulations
- payment of pension benefits to members when entitled
- keeping proper and correct accounts of all receipts and disbursements, to the satisfaction of the Auditor of the funds
Term of office
Four years coincident with the term of Council.
The York Employees' Pension and Benefit Committee consists of 5 members:
- 2 City Councillors
- 2 retired members
- City Treasurer or designate
The Pension and Benefit Committee meets approximately every four months.