OFA Board of Directors Minutes - Ontario Federation of Agriculture

14. County Constitutions – Appointment of OFA Representatives
Neil Currie reminded the Board that OFA has asked counties to consider removing the
appointment of OFA Directors, MSRs and PAC members to County Boards by virtue of their OFA
position. Many counties have amended constitutions accordingly.
However, there are many different reasons for the inclusion on the county Board. Generally,
counties see it as a way to sustain contact with the OFA for information and reporting
purposes.
This goal is recognized as important and OFA wishes to explore ways and means to ensure
better contact and information flow. The appointment by virtue of position with OFA simply
creates an awkward legal position.
A joint PAC and County Presidents meeting is being discussed for early winter.
15. OFA and PCOT Pension Plans
Neil Currie explained that the Board need consider a technical amendment to the OFA
Employee Pension Plan (the Plan) to enable the inclusion of PCOTPP pensionable years of
service (at 90%) into the Plan.
The Pension Governance Committee (PGC) had reviewed the technical amendment with the
Actuary and recommends it to the Board of Directors.
In addition, the PGC has also recommended that the additional contribution of 0.9% into the
Plan, initiated in January 2011 and slated to expire in October, 2011, be continued.
The Board was offered a presentation by Charlene Moriarty of Morneau Shepell (actuary) on
the pension circumstances and factors affecting it going forward.
Motion:
Lambrick/Dickenson ... “THAT the OFA pursue the pension top up payments
using the smoothed rate scenario with the top up requirement of up to $1.5
million subject to validation by Morneau Shepell of legislative requirements;
and
THAT the OFA revisit the top-up commitment and determine how to proceed if
the top up liability should exceed $1.5 million due to changes on the bond
yields or other factors; and
That OFA and employees will sustain the January, 2011 0.9% contribution
increase at this time.”
CARRIED