August 19, 2014

The SC held a Strategic Planning session on August 18 and 19 to address a number of plan sustainability questions.  An SC Board meeting was convened immediately following to conduct regular Board business and to confirm decisions coming out of the Strategic Planning session.

 

 

Plan Design

Earlier this year, the SC committed to reviewing the Statement of Plan Design Objectives and Strategy (SPDOS) as well as the Specified Plan Change (SPC) process at its strategic planning session.  Taking into consideration its key objective of ensuring the long-term health and viability of the OMERS plans, the Board reaffirmed its commitment to the basic structure of the funding strategy and agreed in principle to a number of changes to address plan sustainability.

The changes are intended to contain costs for plan members and employers and, when appropriate, to build a reserve to assist in managing contribution rate volatility and the impact of potential negative events.  A stronger link will also be established between the funding strategy (SPDOS) and the process by which plan changes are made (SPC process).  Funding decisions will be driven by SPDOS (funding strategy) and implemented through a revised SPC process.

Amendments will be required to various SC corporate documents and will be brought forward with a communication rollout to stakeholders to provide context and a better understanding of how and why the SC will make decisions in the future.

 

Valuation Filing

The annual valuation of the OMERS Primary Pension Plan must be filed with the regulators every three years, and may be filed more frequently.
 
For the fifth consecutive year, the SC agreed to file the 2013 Valuation with the regulators. 

Posted August 25, 2014