Changes made to the OMERS Pension Plans must be approved by the SC Board.
Early in a given calendar year the SC receives the valuation results and projections which provide the current and projected funded status. This information helps the SC define the management zone which is relevant for the particular calendar year. Having made that determination the SC will proceed with decision-making as follows:
Current Year Cycle
2020 Plan Review
Following the 2020 Plan Review process, on June 24, 2020, the OMERS Sponsors Corporation Board (SC Board) approved five amendments to the OMERS Primary Pension Plan (Plan).
Every year, the SC Board reviews the health and viability of the Plan to ensure it remains sustainable, affordable and meaningful for the OMERS community. Based on the recent review, the SC Board approved the following amendments. The first three amendments were considered because of the exceptional circumstances presented by the COVID-19 pandemic and are effective immediately. The final two amendments were considered as a part of the annual Plan review and are not effective until January 1, 2023:
extending leave purchase deadlines;
reducing or eliminating the 36-month employment requirement for purchases of periods of reduced pay;
permitting temporary layoffs as purchasable service;
non-full-time expansion; and
Shared Risk Indexing.