By-Laws & Policies
The governance structure of the Corporation itself is defined in a number of corporate by-laws and policies, which are reviewed and updated as required and to provide a best practice foundation.
Before any SC decisions to change the OMERS Plans become effective, by-laws detailing the amendments must be filed with and accepted by the regulators. All plan change by-laws passed by the SC from 2007 through 2014 were incorporated in the appropriate amended and restated Primary and Supplemental Plan Texts of January 1, 2015. Subsequent plan change by-laws will be posted here as soon as possible following the approval by the SC.
Other by-laws may be created from time to time and will be posted here.
Final approval, implementation and amendment dates are listed in the body of each by-law, policy and/or within relevant schedules and appendices.
By-Law No. 2 outlines the general guidelines relating to the conduct of the business and affairs of the SC. Last Approved: November 14, 2019
By-Law No. 3 outlines the borrowing, banking and investment requirements and procedures to be followed by the SC. Last Approved: December 13, 2017
By-Law No. 4 outlines the composition of the SC, including definitions of Employer Members, Employee Members and Member Groups, as well as terms of appointment, removal, resignation, and voting. Last Approved: May 19, 2020.
By-Law No. 6 outlines SC and OAC Board Member compensation and guidelines for reimbursement of expenses, and SC Board Member expense and education policies. Last Approved: February 25, 2020
By-Law No. 9 outlines the composition and charters of certain committees of the SC; including the Audit Committee, Corporate Governance Committee, Human Resources and Compensation Committee, Plan Design Committee and Risk Oversight Committee.
By-Law No. 12 outlines the protocol for proposing specified changes to the OMERS Plans, approval and rejection procedures, and mediation and arbitration guidelines. Last Approved: December 12, 2018
By-Law No. 13 outlines the composition of the OAC Board, including nominations, appointments, voting and removal. Last Approved: February 25, 2020
Plan Terms & Changes By-Laws
The following by-laws relate to documenting the terms of the OMERS pension plans.
By-Law No. 24-01 sets the conditions for making annual changes to the earnings threshold. Approved: December 10, 2014
By-Law No. 30 pertains to the Amendment and Restatement of the OMERS Primary Plan. Approved: February 18, 2014, effective January 1, 2014
By-Law No. 31 pertains to the Amendment and Restatement of the OMERS Supplemental Plan. Approved: February 18, 2014, effective January 1, 2014
By-Law No. 32 outlines changes to the OMERS Plans pertaining to contribution rates. Approved: August 19, 2014, effective January 1, 2015
By-Law No. 33 pertains to the terms of the Retirement Compensation Arrangement. (Note: the RCA Plan Text was last amended and restated as of June 30, 2007) Approved: December 10, 2014
By-Law No. 34 outlines changes concerning the AVC Program, Supplemental Plan Contribution Rates and related "rebound rates" of the Primary Plan. Approved: August 31, 2016
By-Law No. 35 outlines the technical changes pertaining to the Primary and Supplemental Plans. Approved: August 31, 2016
By-Law No. 36 outlines technical changes to the AVC Program of the Primary Plan and changes concerning Commuted Values, Service Buy Backs, Dual Membership and Foreign Employment in the Primary and Supplemental Plans. Approved: August 23, 2017
By-Law No. 37 provides information regarding the City of York Employee Pension Plan merging into the Primary Plan pursuant to a pension transfer agreement between the Administration Corporation, Sponsors Corporation and the City of Toronto
By-Law No. 38 provides information regarding the approved Plan changes pertaining to the NRA 60 option for Paramedics and the elimination of the 35-year cap on credited service. Approved: February 15, 2019/Effective January 1, 2021
By-Law No. 39 provides information regarding the Toronto Civic Employees' Pension Plan merging into the Primary Plan pursuant to a pension transfer agreement between the Administration Corporation, Sponsors Corporation and the City of Toronto
By-Law No. 40 provides information regarding the Metropolitan Toronto Police Benefit Fund merging into the Primary Plan pursuant to a pension transfer agreement between the Administration Corporation, Sponsors Corporation and the City of Toronto
By-Law No. 41 provides information regarding the Metropolitan Toronto Pension Plan merging into the Primary Plan pursuant to a pension transfer agreement between the Administration Corporation, Sponsors Corporation and the Metropolitan Toronto Pension Plan
By-Law No. 42 implements Shared Risk Indexing effective January 1, 2023. It establishes the structure for the SC Board to determine the amount of the inflation adjustment in future years. Approved: June 24, 2020
By-Law No. 43 implements the expanded eligibility of Non-Full-Time employees. It is also effective January 1, 2023. Approved: June 24, 2020
By-Law No. 44 updates several section references following the changes approved last year to incorporate pre-existing City of Toronto plans into OMERS. The change is effective as of June 24, 2020 and has no impact on plan members.
By-Law No. 45 implements three proposals to lessen the burden on plan members resulting from layoffs or leaves of absence to due COVID-19. This by-law is effective June 24, 2020.
By-Law No. 10 provides a mechanism for collecting a fee (in the form of a flat rate levy) from Plan employers and active members to fund Corporation costs that may not be lawfully paid out of a pension
By-Law No. 20 includes plan text setting the inflation adjustment at 100%, effective January 1, 2023, provides authority for a funding management statement to guide the SC Board’s decision-making, and a contribution allocation policy between NRA 65 and 60.
By-Law No. 28 outlines the approval of the SC Statement of Plan Design Objectives and Strategy as it pertains to the RCA. Last Approved: June 23, 2015
The Confidentiality Policy is intended to provide a high level of transparency and accessibility where appropriate, with the SC Board as a whole determining the appropriate level and timing of disclosure of information. Amended and approved