As we approach the latter stages of execution on the 2020 Strategy, OMERS has achieved many of the major deliverables already. We remain focused on the priorities that will guide us through the next two years with this plan.
We appreciate that our Strategy is a roadmap and that there is room for adjustment, as we regularly review the landscape and assess the forces at play to make updates and adjustments, where required.
For example, OMERS is refining our processes to engage with and support members. We know that member and employer satisfaction with our service is critically important, so we are looking at new ways to better gauge broader satisfaction with measurements that will help us continuously improve.
As we look further into the future, the OMERS OAC and SC Boards have been working together to develop an updated Strategy for the organization.
The new long-term Strategy will focus on:
- ensuring the Plan is sustainable, affordable and meaningful;
- managing assets and liabilities to reflect Plan maturity;
- continuing to lower the discount rate; and
- continuing to build a high-quality, well-diversified investment portfolio.
Successful execution of the long-term plan will help OMERS address the challenges that lie ahead, and further advance the Plan toward our vision of being a leading model for defined benefit pension plan sustainability.
As OMERS works on the next iteration of its Strategy, both Boards recognize that the gradual trend of Plan maturity and other headwinds are increasing the risk profile of the Plan. Moving forward, we will need to continue to assess potential changes to Plan design, and our funding and investment strategies to ensure the long-term financial health of the Plan.