September 17-18, 2009

Planning Session

This two day board meeting was held during an offsite planning retreat, with particular focus on the funding pressures facing the OMERS Primary Pension Plan. The SC received detailed information from the Pension Group about the previous actuarial deficit and reviewed projections through 2012. The SC considered the benefits of developing a statement of plan design objectives and strategy (SPDOS) and instructed the PDIC (Plan Design Information Committee) to develop the timelines and processes.

Committee Structure

The PDIC has initial responsibility for reviewing plan design proposals; it was agreed that the Committee would be expanded from six to eight members.

Proposed Plan Changes and Policies

OMERS Pension Group provided a detailed overview of its proposal to amend the Primary Pension Plan to allow Additional Voluntary Contributions to be made to the Plan, including estimated start-up costs and anticipated inflow of capital to the Fund. Further information was requested so the SC could consider the concept more fully.

A number of technical plan changes and plan policies were presented by the PDIC. The SC approved a plan change to allow the purchase of private sector past service under the buy-back provisions. A proposal for a technical plan change regarding “Access to OMERS Benefits During Grievance” was deferred pending further information, as were the proposed policies regarding “Conditions for Associated Employer Participation” and “Termination of Participation in an OMERS Pension Plan”

OMERS Trademark

The OMERS logo and brand are registered trademarks of the OMERS Administration Corporation (OAC). To ensure the SC can use the OMERS brand and trademark, the SC approved the execution of the OMERS Trademark and Brands License Agreement.