News

SC Decisions - RCA, SPCs, etc.

May 29, 2012

At the meeting of May 24, the Board made decisions regarding the following by-laws and approved a policy for the Retirement Compensation Arrangement (RCA).  No decisions have been made as yet regarding the current Specified Plan Change proposals under consideration; the next scheduled meeting of the OMERS Sponsors Corporation (SC) is on June 28.

RCA Statement of Plan Design Objectives and Strategy

The SC formally approved the RCA Statement of Plan Design Objectives and Strategy (revised Aug 23, 2012).  The RCA Statement provides a structure for the SC to ensure funding adequacy for the RCA.  While the RCA statement is consistent in format with the Statement of Plan Design Objectives and Strategy adopted for the Primary Plan at the end of 2010, the RCA Statement reflects the unique characteristics of the RCA which are imposed by the tax environment in which it operates.  The RCA statement should be considered in combination with By-Law #24-01, to which it is closely related.

By-Law Update

By-Law #2, “General” was amended and restated to include some housekeeping changes to section 5.1, Notice of Meetings, and clarification to section 6, Suspension, Waiver or Extension of Timelines or Deadlines.

By-Law #27, “Reservist Leave”, a plan change, was approved on April 26.  It provides employers with the option of sharing the cost of purchasing reservist leaves in the OMERS plan, effective January 1, 2013.

By-Law #28, “RCA SPDOS”, is the by-law which formally enacts the RCA Statement.

SPCs

Amendments to four of the eleven proposals under consideration were posted on May 14; no further amendments or final decisions were made on May 24.  The next opportunity for decision-making is at the SC meeting of June 28.  All decisions will be posted as soon as possible on our 2012 Processes & Milestones page.