Like most major defined benefit (DB) pension plans around the world, OMERS also faces a number of realities that will continue to impact the Plan’s financial health over the next 20, 50 and even 100 years. Left unchecked, the cost of the Plan is expected to rise steadily over time – substantially under some scenarios. These are costs that are shouldered by members and employers through annual contributions.
Given this financial outlook, we have an important opportunity (and obligation) to assess the OMERS Plan and ensure that it remains sustainable, meaningful and affordable for generations to come.
With the future firmly in mind, the Sponsors Corporation (SC) Board – comprised of equal numbers of employer and member representatives – voted unanimously late last year to conduct the Comprehensive Plan Review. This Review will help us consider the Plan’s long-term financial health, and assess what members really want and need from the OMERS Plan.
Upcoming engagement and consultation
Over the next few months, we will be reaching out in a variety of ways, including written updates, interactive meetings and webcasts. The goal is to keep you informed on the Comprehensive Plan Review and to gather your valuable feedback.
In the meantime, we ask that you read this bulletin carefully. It provides some key questions and answers about the Review and tells you where you can find additional information. You can expect to hear more about the Comprehensive Plan Review in the coming months.