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Infrastructure &
Finance Division
 

Pension Information For Notes To Financial Statements

 

Circular No. 07:09a

 


PENSION INFORMATION FOR NOTES TO
FINANCIAL STATEMENTS

 

The municipality and its employees contribute to the Municipal Pension Plan (the plan), a jointly trusteed pension plan. The Board of Trustees, representing plan members and employers, is responsible for overseeing the management of the pension plan, including investment of the assets and administration of benefits. The pension plan is a multi-employer contributory pension plan. Basic pension benefits provided are defined. The plan has about 140,000 active members and approximately 51,000 retired members. Active members include approximately 31,000 contributors from local governments.
 

Every three years an actuarial valuation is performed to assess the financial position of the plan and the adequacy of plan funding. The most recent valuation as at December 31, 2003, indicated an unfunded liability of $789 million for basic pension benefits. The next valuation will be as at December 31, 2006, with results available in 2007. The actuary does not attribute portions of the unfunded liability to individual employers. The [insert name of organization] paid $XXXX for employer contributions to the plan in fiscal 2006.
 


Go to Circular No. 07:09 or return to Financial Circulars.
 

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