Reviewing The Plan
We are responsible for protecting members’ pensions – today and into the future. As part of this responsibility, the , made up of representatives of sponsor organizations, reviews the health and viability of the Plan every year to ensure it remains sustainable, affordable and meaningful for the OMERS Community.
The SC keeps a close eye on the Plan to see if changes are either required or desirable due to things like changes in the pension environment or a desire to evolve the Plan. Such changes are considered on an annual cycle unless, for unforeseen reasons, decisions must be made sooner. In that case the SC will generally, at a minimum, communicate through its website at least 21 days before decision.
With a focus on leading governance practices and disciplined decision-making, we are committed to supporting the financial health, relevance and long-term viability of the . Proposed changes are examined carefully, with due consideration to the interests of the sponsors, stakeholders, employers and members – current and future.
The SC continues to welcome ideas and input from stakeholders on ways to make our pension Plan better. Information for doing so is .
This section will help you understand: how changes are made, including how stakeholders bring changes forward; review any potential changes currently under consideration; and learn about recently made changes.
Annual Decision-making Process
Plan change decisions generally follow an annual process.
Managing Benefits and Contributions
It is the responsibility of the SC to decide when it’s appropriate to change benefits and contribution rates.
Changes Currently Under Consideration
As part of the process of reviewing the Plan, the SC provides information for stakeholders about changes that are under consideration.
Recent Plan Changes
Changes to the Plan are only made after extensive consideration by the Board and discussion with our sponsors.
Stakeholder Requests for Plan Changes
Here you will find the process to request Plan changes.