August 24, 2010

AVCs

A plan change to make Additional Voluntary Contributions (AVCs) available to plan members had been under consideration for many months while risk factors and financial implications were studied. The final design and overall implementation timeline was approved by the SC in By Law #18.

Technical Plan Changes

Previously approved in principle, the final plan language was approved for a change to the plan to allow Access to Benefits During Grievance, under By-Law #17. This change ensures all terminated members are treated equitably.

Contribution Rate Allocations

The distribution of temporary contribution rate increases across the four categories of plan participants (above and below annual maximum pensionable earnings for NRA 60 and 65 members) had been further reviewed and the SC approved the allocation method for 2011.

Growth in Plan Membership/Pension Reform

The SC is actively involved in OMERS pension reform initiatives, and from time to time, puts forward a submission to decision makers. A number of proposed amendments to the OMERS Act were reviewed and the SC agreed to support a request to allow related employers to participate in the OMERS Pension Plans under very limited circumstances.

OMERS Investment Management (OIM)

Having received the risk analysis and other information it had requested, the SC gave authorization to OIM for the contract template for initial product offerings to outside investors, and confirmed its role in approving future contracts.