The OMERS Act, 2006 outlines OMERS governance model. The Plan Text governs how the OMERS pension plans are administered. This section provides summaries and links to relevant documents.
The Ontario Municipal Employees Retirement System Act, 2006 (OMERS Act, 2006) was proclaimed into force on June 30, 2006, and established a new independent governance model for OMERS.
View the Ontario Municipal Employees Retirement System Act, 2006
Under the OMERS Review Act, 2006 the Minister of Municipal Affairs and Housing is required to ensure the appointment of a person to conduct a review in 2012 of the governance model established for OMERS in 2006 under the Ontario Municipal Employees Retirement System Act, 2006 (the “OMERS Act, 2006”). In accordance with the statute, the review will be based on actual governance and administration of OMERS since the new governance model became effective. The statutory review is to address the effectiveness and fairness of the OMERS governance model in representing the interest of employers as well as members of the plans, and the efficiency of the governance model, and the effectiveness of the governance model in ensuring the financial stability of OMERS. Upon completion of the review, the person appointed to conduct the review shall submit a report, including any recommendations for changes to the governance model of OMERS, to the Minister.
OAC and the SC are looking forward to the announcement of the process the Minister intends to follow for the 2012 Review and will be prepared to respond to the process when this occurs.
On a separate but related matter, in mid-2011, a notice was posted on the OAC web-site indicating that, with the assistance of a third-party independent external advisor, the Boards of both the SC and OAC would undertake a joint internal review to assess the adequacy of the OMERS governance model in light of the pending statutory review.
The SC and OAC have diligently worked together with their advisor to undertake this internal review and have now received advice confirming that the governance model at OMERS is generally efficient and effective given the statutory framework in place. The external advisor has also made recommendations to the SC and OAC to improve and streamline OMERS governance practices. The two boards are currently studying these recommendations and working together to develop a plan to address the recommendations, including Board composition and strategy.
View the Ontario Municipal Employees Retirement System Review Act, 2006
Under the OMERS Act, 2006, the pension plan that was governed by the old Ontario Municipal Employees Retirement System Act prior to June 30, 2006 is continued as the OMERS Primary Pension Plan (Primary Plan).
View Primary Plan text (amended and restated January 1, 2011) [381 KB]
The OMERS Supplemental Pension Plan for Police, Firefighters and Paramedics (Supplemental Plan) came into effect on July 1, 2008. The Supplemental Plan is a separately funded, stand-alone registered pension plan that offers optional benefits that are not available under the Primary Plan. More information on the Supplemental Plan.
View Supplemental Plan text (amended and restated January 1, 2011) [704 KB]
The Retirement Compensation Arrangement for the OMERS Primary Pension Plan (RCA) is a separate arrangement that provides benefits to members of the Primary Plan whose earnings exceed the benefit limits that may be provided under a registered pension plan under the Income Tax Act (ITA).
View RCA text (amended and restated June 30, 2007) [101 KB]