October 25, 2012

Government Consultations

In the spring budget, the Ontario government announced that it wished to ensure that broader public sector pension plans were affordable and sustainable.  Of primary concern was managing government costs. The government indicated that for Jointly Sponsored Pension Plans (or JSPPs), it wished to put a cap on employer contributions and ensure that future deficits were addressed through benefit reductions (with potential limits and exceptions).

OMERS was one of the six JSPPs originally contacted by the provincial government and OMERS participated in government consultations during the Summer and into the Fall. However, in October the government advised that OMERS would not be covered under the JSPP framework announced in the budget because OMERS does not form part of the provincial government’s consolidated financial statements.

Governance

The SC confirmed the reappointment to the OAC Board of CUPE nominee John Weatherup, Retiree Group nominee Richard Faber and OPFFA nominee Rick Miller. The SC also appointed a new OAC Director, AMO nominee Michael Fenn (succeeding Bill Aziz), to the OAC Board. Their terms will be from January 1, 2013 to December 31, 2015.

At the request of AMO the SC also agreed to extend one of their OAC Board seat expiry dates from December 31, 2012 to December 31, 2013, in order to better stagger AMO’s Board seat expiry dates. Accordingly, the SC extended the term of AMO incumbent Fred Biro until December 31, 2013. By-Laws #13 and #13-01 will be revised accordingly.