Sponsors Corporation

There are basically five key realities that will continue to impact the Plan’s long-term relevance and financial health: Plan maturity, longevity (aging membership), workforce trends (declining membership), Canada Pension Plan (CPP) enhancements, and global economic factors that will impact our ability to generate consistently high investment returns in the future. Collectively, these realities will continue to influence the management, investment, funding and, ultimately, design of the Plan.

The OMERS Sponsors Corporation is responsible for Plan design, including contribution levels. They will leverage the advice and guidance of internal and external pension plan experts, as needed.
 

For the purposes of the Review, considering sustainability means asking whether our pension plan design can continue, over the long-term – 20, 50, 100 years out. It’s about consistently delivering an appropriate range of benefits within an acceptable range of costs – and without favouring one generation over another.
 

It’s premature to say. The Review will help us determine if there is a better and more effective way to deliver benefits in the future, and at what cost. That said, it will be up to the SC Board to determine what, if any, Plan changes will be considered as a result of the Review.  
 
If the Review results in proposals for changes to the pension plan, members, unions and employers will have an opportunity to comment on those proposals before the SC Board of Directors votes on them. As always, any specified changes to the Plan will require approval from a two-thirds majority of the SC Board of Directors, which is composed of an equal number of employer and member representatives.
 

No. The OMERS Act requires the OMERS Plan to be a defined benefit plan. That will not change as a result of this Review. We don’t expect the Review to consider proposals that are completely outside the scope of the OMERS Act.
 

Any Plan changes that come out of the Review will have no impact on benefits that you have already earned. If you are a retiree, any approved changes to the Plan will have no effect on your pension.
 
If you are an active member, it is premature to say whether the Review could affect benefits that you earn in the future. The Review will help us determine if there is a better and more effective way to deliver benefits in the future, and at what cost. That said, it will be up to the SC Board to determine what, if any, Plan changes will be considered as a result of the Review. 
 
If the Review results in proposals for changes to the pension plan, members, unions and employers will have an opportunity to comment on those proposals before the SC Board of Directors votes on them. As always, any specified changes to the Plan will require approval from a two-thirds majority of the SC Board of Directors, which is composed of an equal number of employer and member representatives.
 

We think engagement is critical to the success of the Review. We will engage with members, unions, employers, sponsors and stakeholders in a variety of ways, including written updates, focus groups, interactive meetings and webcasts.
 
If you have comments about the Review that you want to share immediately, please give them to us – and we will refer them to the Sponsors Corporation, which is leading the Review.
 

The Review is scheduled for completion by June 30, 2018. As part of our regular Plan change communications process, we will notify members, unions and employers of the results of the Review – and post those results on the SC website.

 

Please e-mail any inquiries to contact@omerssc.com.