Plan Governance

With proclamation of the new Ontario Municipal Employees Retirement System Act, 2006 on June 30, 2006, OMERS has a new and independent governance model. The OMERS Act, 2006 replaces the Province as sponsor with the OMERS Sponsors Corporation, whose Board of Directors represents current and former members, and local government organizations that employ them.

The Sponsors Corporation (the "SC") has the final say on plan design (the structure and type of benefits offered) and contribution rate changes. These types of decisions require a two-thirds majority of the SC. 

The OMERS Act, 2006 continues the existing OMERS corporation as the OMERS Administration Corporation (the "AC") responsible for pension administration, investments and preparation of the Plan valuation.

Initially, both Boards of Directors will have equal numbers of member and employer representatives. In the future, the SC will determine the composition of both Boards. 

With the OMERS Act, 2006 current pension benefits and contribution rates do not change. The plan continues to provide guaranteed retirement income for life, including inflation protection and excellent survivor and disability benefits.

More about the OMERS Act, 2006.