In 2015, OMERS continued to make steady progress towards delivering secure and sustainable defined benefit pensions to the Planâs members. Its funded status improved to 91.5% as a result of investment returns and member and employer contributions, compared with 90.8% the year before.
The OMERS Sponsors Corporation (SC) has completed its annual decision-making cycle and made a decision related to its 2015 Plan change review. For 2015, the SC will not consider benefit or contribution rate changes to the OMERS Pension Plans. The SC will consider the matter again in 2016 under its annual decision-making process, including Plan change suggestions that have been submitted by stakeholders.
Effective March 1, 2015, OMERS will eliminate the administration fee for all service buy-back purchases and the first Statement of Family Law Value issued by request in the event of the breakdown of a memberâs spousal relationship.
On June 25, 2014, the OMERS Sponsors Corporation (SC), which sets contribution rates and benefits for the OMERS Primary Pension Plan (OMERS Plan), approved a change to contribution rates for normal retirement age 60 members. The rate change does not affect contribution rates of normal retirement age 65 members.
The OMERS Sponsors Corporation (SC) annual process to review contribution rates and consider benefit change proposals concluded on June 25.