News Story

2014 Specified Plan Change Proposals Available

May 15, 2014

Explanatory details on the eight SPC proposals tabled by individual directors for consideration this year are now available.  Examples are given (where possible), along with the rationale and detailed proposal information.

It's important to note that:

  • Until the proposals are voted on and approved by a two-thirds majority vote, proposals are just proposals and have no impact on the pension plan.  For example, last year none of the proposals were approved.
  • Any plan change would only change benefits that are earned in the future, not benefits that have already been earned.
  • Retirees, surviving spouses and other beneficiaries would not be impacted by the proposed changes.

The SC will not make decisions on the proposals at its May 27th meeting, but will delay decisions until June 25th, to allow stakeholders to consider the information for each proposal and to provide input, at spc@omerssc.com

For information about the SPC process click here.