The immediate goal at OMERS is to return the Primary Plan to full funding. Since the economic crisis in 2008, the Plan’s funded status has climbed steadily from 85.6% at the end of 2012, to 94% at the end of 2017. Assuming all goes well, the expectation is that the Plan will be fully funded by 2025.
It’s a good news story. But it’s only a single important chapter in an ongoing narrative. Looking forward, we have a wonderful opportunity (and obligation, as Plan stewards) to rethink the OMERS Plan – and
to ensure that it remains sustainable, meaningful and affordable in light of today’s complex and fast- changing world.
With the future firmly in mind, the SC Board resolved unanimously to launch a Comprehensive Plan Review. An extension of the Board’s mandate to ensure the long-term viability of the Plan, this review will help us:
- model the Plan’s long-term financial health;
- fully assess what members, unions, employers and sponsors really want and need from the OMERS Plan – today and in the future; and
- find ways to balance these objectives.
We are excited about the initiative, and look forward to engaging directly with stakeholders throughout the process. In the meantime, we invite you to read this bulletin carefully. As you will see, it provides a quick overview of a number of key issues and opportunities that continue to influence our thinking.