Toronto is searching for a firm to conduct an actuarial valuation of the city’s five frozen defined benefit plans.
The selected firm would provide valuations for the C$523 million (US$463 million) Metropolitan Toronto Police Benefit Plan; C$490 million Metropolitan Toronto Benefit Plan; C$325 million Toronto Civic Employees’ Pension Plan; C$247 million Toronto Fire Department Superannuation and Benefit Plan; and C$47 million Corporation of the City of York Employee Pension Plan.
Actuarial reports will be requested for calendar years 2014, 2015 and 2016, the RFP said.
Mercer is the plan’s current actuary, according to documents on the city’s website. The firm can rebid, said Mike Wiseman, director of the city’s pension, payroll and employee benefits division.
The RFP is on the city’s website. Proposals are due at noon EST Friday; a selection is expected Dec. 22.
The active plan for city employees is the C$65.1 billion Ontario Municipal Employees’ Retirement System, Toronto.