April 26, 2012

Specified Plan Change (SPC) Proposals

Six additional proposals were tabled by Members, including one originally proposed by a stakeholder. Three of the proposals related to contribution rates and allocation methodologies, one was for provision of the right to negotiate NRA 60 benefits for paramedics, one was for changing the benefit accrual rate, and the last one related to filing the December 31, 2011 valuation reports of the Primary and Supplemental Pension Plans.

Technical Plan Change

The SC approved By-Law #27 “Reservist Leave” which provides employers the option to share the cost of purchasing reservist leaves in the OMERS plan, rather than having the employee pay the entire cost.  The plan change will be effective January 1, 2013.

Governance

The Board received an update from the Corporate Governance Committee (CGC) which has been tasked with reviewing By-Laws #4 and #13 which set out the composition and appointment process to the SC and OAC Boards, respectively.  The CGC reported that 19 stakeholder submissions had been received and provided valuable input and ideas.  The stakeholder submissions and the results of the internal governance review will be considered by the CGC as it conducts its review on behalf of the Board.