2011 Process & Milestones

 



Timeline for Plan Changes

Before March 1

The 2010 Actuarial Valuation of the OMERS Primary Pension Plan was received by the SC on February 24. Two requests were received from Stakeholders prior to February 28 and were reviewed by the Plan Design Information Committee (PDIC).

March 1 – May 1

At the SC meeting of April 28, eight Specified Plan Change (SPC) proposals were tabled by SC Members. Of the eight, one had originally been submitted by a Stakeholder; another one was later determined - NOT to be an SPC (i.e. would have no affect on contribution rates or benefits), but remained 'tabled' for consideration. (This Proposal related to filing the 2010 Valuation for the Primary Plan, should it be desirable.)

May 1 – May 14

Following receipt of some technical and other relevant information, some of the SPCs were amended before being consolidated in a compendium of "Final SPCs".

May 15 – June 30

Much of the SC meeting of May 26 was devoted to consideration of the SPC proposals tabled by Members in April. Of the seven proposals, three related to RCA funding, two were proposals to allow employers to provide NRA 60 benefits, and two related to contribution rates. The Members reviewed additional technical analyses on the proposals, received third-party/stakeholder communications and opinions, and discussed a number of options and possibilities. Two proposals were voted on, and though neither received the requisite two-thirds majority for approval, one of them was moved to mediation/arbitration.

The meeting of June 28 was extended by a day so that additional technical analyses and information could be reviewed. Decisions to amend, withdraw, reject or approve had been concluded for six of the seven proposals.

Mediation/Arbitration

In accordance with provisions of the by-law and by resolution of the Members, at the meeting of August 25, a mediation/arbitration decision was made on the remaining SPC, approving the proposal (as dated May 9) regarding Supplemental Plan contribution rates.

Stakeholders were kept informed throughout the process. Details of the final proposals can be accessed below.

2011 SC MEMBER PROPOSALS FOR SPCs

Relevant Dates

 

Proposal

Dates
Posted

Amended/APPROVED
June 28

SPC#01-11(b)

RCA - Floating Earnings Threshold

May 4/16
June 30

Amended/APPROVED
June 28

SPC#07-11(a) 

Primary Plan/RCA - Contribution Rate Methodology

May 4
June 30

Amended May 9
FAILED May 26
MOVED TO Med/Arb
APPROVED Aug 25

SPC#06-11(a)

Supplemental Plan Contribution Rates & Rebound Costs

May 4/10/30
August 26

Amended May 10
Withdrawn June 28

SPC#02-11(a) 

RCA - Freeze Earnings Threshold

May 4/16
June 30

Amended May 13
Withdrawn June 28

SPC#03-11(a) 

RCA - Contribution Threshold 10:1

May 3/16
June 30

FAILED May 26

SPC#04-11 

NRA60 - Police Civilians

May 4/30

FAILED June 28

SPC#05-11

NRA60-Paramedics

May 4/30

For plan changes to become effective, by-laws detailing the amendments must be filed with and accepted by the regulators.