The OMERS Sponsor Corporation (SC) agreed that it would consider a change to the Primary Plan to change the Additional Voluntary Contributions (AVC) program to allow members to retain their non-locked-in AVC funds in the Primary Plan past the age of 71.
Note that in March the SC agreed to consider changing the contribution rates of the Supplemental Plan effective January 1, 2017. Although there are currently no members in the Supplemental Plan, it is necessary to ensure the contribution rates reflect our current expectations about the future.
Both of these plan changes will be decided by the SC at its June meeting. More information is available in the "Understanding Plan Changes" section of the website.
OAC Board Appointments
One of the most important responsibilities of the SC is the appointment of directors to the OMERS Administration Corporation (OAC) Board.
In May of this year, the Corporate Governance Committee (CGC) conducted interviews with several incumbent nominees with the participation of the OAC Board Chair, George Cooke.
The SC reappointed three individuals to the OAC Board effective January 1, 2017, for three year terms: Bill Butt, Penny Somerville and Jim Phillips.
By-Laws No. 4 & 13
The SC is responsible for the composition of the Boards which govern the OMERS Pension Plans.
As part of good governance, the SC committed to regularly reviewing by-laws. For that purpose, in 2015 the SC reached out to stakeholder organizations seeking input for its consideration. Having heard from stakeholders, and after careful consideration, the SC has decided to maintain the current structure of the OMERS Boards, with the following changes:
- Imposing term limits of six years for the SC Co-Chair positions. While this limit has retroactive application, as a transition measure one of the incumbent Co-Chairs is eligible to serve for another three years in the position.
- Adopting a more formalized and rigorous approach to engage members who are not affiliated with sponsor organizations.
More information about the decision is available below, on OMERS Board Composition By-law Review.