Sponsors Corporation

Please visit the Sponsors Corporation's website at www.omerssc.com  for further information.

The Sponsors Corporation Role

Bill 206 (An Act to Revise the Ontario Municipal retirement System Act) was proclaimed on June 30, 2006. This legislation establishes a new and independent dual governance model for OMERS and gives employers and employees control over the pension plan. Essentially, the legislation changes the plan’s sponsor. The Provincial government has now been replaced as sponsor by the new Sponsors Corporation (the “SC”), which represents employer, employee and retiree members of the plan.

The SC has responsibility for plan design, with the exception of the initial design work for Supplemental Plans. This means that the Sponsors Corporation determines benefit improvements, contribution rate adjustments and any amendments to change the reserve to stabilize contribution rates. The SC is also charged with setting compensation levels and amending the appointment protocol for both the SC and the Administration Corporation Board.

The Administration Corporation (the “AC”), acting as the other half of the dual governance structure, is responsible for the day-to-day administration the pension plan, including the management of investments and pensions.