Sightlines Issue #6
A positive step forward
SC Board reaches a decision on the Comprehensive Plan Review
Over the last year, OMERS Sponsors Corporation (SC) has been focused on the Comprehensive Plan Review. The overriding goal of the Review was to ensure – in light of our financial realities and longer-term challenges – that the Plan remains sustainable, meaningful and affordable for both members and employers for generations to come.
As previously communicated, the SC Board of Directors narrowed the range of potential Plan changes based on extensive financial modelling and direct feedback from sponsors and stakeholders. These proposed Plan changes were posted on the SC website – and communicated to employers, unions and members for further consultation.
On November 15th, the SC Board of Directors met to vote on the proposed Plan changes. Based largely on the feedback received over the past six months, the Board voted in favour of the following changes:
These changes are an important step that will address issues of fairness and equity within the Plan. None of the other proposed changes was adopted by the Board. However, the considerable work done through the Comprehensive Plan Review will equip the Board to continue its efforts to enhance the long-term sustainability of the Plan.
The Board will continue to meet to formalize the changes and supporting details, including implementation and timing. The changes are unlikely to be adopted before January 1, 2021. You will receive additional information as it becomes available.
In the meantime, we’ve included new FAQs (click here or see below) that will help address some of your questions. If you have any further questions or comments, please feel free to send an email to firstname.lastname@example.org.
On behalf of OMERS SC, thank you for your ongoing support and participation in the Comprehensive Plan Review. We appreciate the feedback received from our members and other stakeholders throughout this Review and look forward to future collaboration.