Stakeholder comments and suggestions regarding proposed plan changes are always welcome and will be included in Board Meeting information packages.  Emails and letters received less than 36-hours before a scheduled meeting (March 20, April 26, May 24, June 28) will be included with the subsequent information package. 

2012 Processes & Milestones



Timeline for Plan Changes



Before March 1

The 2011 Actuarial Valuation of the OMERS Primary Pension Plan was received by the SC on February 22nd. Six requests were received from Stakeholders prior to March 1st and were reviewed by the Plan Design Information Committee (PDIC).

March 1 - May 1

Details of each Specified Plan Change (SPC) are available below and include descriptions of the proposed changes as well as the affected members/groups and the effective dates.

At the meeting of March 20, SC Members tabled five SPCs for consideration.  One relates to the RCA (Retirement Compensation Arrangement), one proposes changes to unreduced early retirement commencement and two proposals are for changes in inflation indexing.  The fifth proposal is for the provision of NRA 60 for Police Civilians, and was originally submitted by a stakeholder.

An additional seven SPCs were tabled for consideration at the meeting of April 26.  Of the seven, three relate to contribution rates for 2013, one proposes a change in the benefit accrual rate, one is for the provision of NRA 60 for Paramedics an one relates to filing the December 31, 2011 valuation reports for the OMERS Primary Plan and OMERS Supplemental Pension Plan. An amendment to a March 20th proposal relating to the RCA was made.  Another proposal for changes to contribution rates was tabled, but withdrawn before posting.

May 1 - May 14

During this period the SC Board performed its diligence with respect to the proposed specified plan changes.  This included gathering technical analyses and relevant internal documents for review and consideration, sometimes resulting in amendements to the proposals.  These amendments are identified in the table below.

 

May 15 - June 30

No further SPC amendments or decisions were made at the SC Board meeting of May 24th. 

The majority of the SC meeting of June 28 was devoted to consideration of the SPC proposals tabled by Members in March and April. Of the eleven proposals, three related to contribution rates, two were proposals to allow employers to provide NRA 60 benefits, one to capping RCA benefits, two to changing the indexing provisions, one to delaying unreduced early retirement, one to changing the benefit accrual rate and one to filing the 2011 Primary and Supplemental Plan valuations.  It was later determined that the SPC on valuation filing was not an SPC.

The Members reviewed additional technical analyses on the proposals, received third-party/stakeholder communications and opinions, and discussed a number of options and possibilities. Votes were taken on eight proposals, two of which received the requisite two-thirds majority for approval and six of which did not receive the requisite majority approval and failed. Two proposals were withdrawn because they were redundant to an approved proposal (on contrbution rate allocation methodology).

In addition, a decision was made to file the Primary and Supplemental Plan valuations.

 

2012 SC MEMBER PROPOSALS FOR SPCs

<><> 

Action Dates

 

Proposal

Dates
Posted

Tabled March 20

Amended:

April 26/May 4/

May 13/June 28

Approved June 28

SPC#01-12(c)

CAP ON CONTRIBUTORY EARNINGS
(formerly RCA - RESTRICTIONS)

SPC#01-12(c) Blacklined

July 3

SPC#01-12(b)

May 16

April 30

March 22

Tabled March 20

Amended May 12

Failed June 28

SPC#02-12(a) 

Delay Early Retirement

March 22/May 16

Tabled March 20

Amended May 12

Failed June 28

SPC#03-12(a)

Reduce Indexing to 50%

March 22/May 16

Tabled March 20

Amended May 12

Failed June 28

SPC#04-12(a)

Reduce Indexing to 70%

March 22/May 16

Tabled March 20

Failed June 28

SPC#05-12

NRA 60 - Police Cilivians

March 22

Tabled April 26

Ameded May 4
Withdrawn June 28

SPC#06-12(a) 

Contribution Rate Methodology - Capped Increases

April 30/May 7

Tabled April 26

Failed June 28

SPC#07-12 

NRA 60 - Paramedics

April 30

Tabled April 26

SPC#08-12

Withdrawn April 27

Tabled April 26

Withdrawn Jun 28

SPC#09-12 

Contribution Rate Methodology  - 1% Differential

April 30

Tabled April 26

Amended June 28

Approved June 28

SPC#10-12(b)

CONTRIBUTION RATE METHODOLOGY - FIXED DIFFERENTIAL

SPC #10-12 (b) Blacklined  

July 3

April 30

Tabled April 26
Failed June 28

SPC#11-12

Benefit Accrual Rate - 1.85%

April 30

Tabled April 26

Approved June 28 not as an SPC*

SPC#12-12

FILE 2011 VALUATIONS - PRIMARY & SUPPLEMENTAL

April 30

 * A decision was made to file the 2011 Primary and Supplemental Plan valuations although this was later determined not to be an SPC   (i.e. would have no effect on contribution rates or benefits)