OMERS is manufacturing a crisis and exaggerating the challenges facing the Plan today. 

While there’s no immediate crisis, the Plan faces some longer-term challenges that will increase the cost of the Plan in the future and reduce our long-term sustainability.

Here are the facts: 

  • The purpose of the Comprehensive Plan Review is to determine if the Plan is sustainable given its current financial position and the financial realities that we face. Assuming all goes well, the expectation is that the Plan will be fully funded by 2025. But, it’s simply not enough to fully fund by 2025. Our goal is to protect the Plan – and members’ interests – over the next 50+ years. 
  • Extensive analysis was conducted by a reputable third-party (independent) actuarial firm and reviewed by actuarial experts at the OMERS Administration (OAC) Corporation and Sponsors Corporation (SC). All of the work was done in direct consultation with the SC Board, which includes equal representation from both employee and employer representatives.
  • Extensive analysis confirms that, left unchanged, the cost of the Plan is expected to increase steadily over time – and significantly under some scenarios. If no proactive steps are taken now, that will very likely mean higher contributions for both employers and members down the road, and the potential for permanent benefit cuts.
  • In the spirit of transparency, we offered to share the full analysis, including the underlying assumptions and outputs, with all sponsors.
  • Some of our sponsors have hired their own actuaries to conduct a separate analysis – these reports have not been shared with us; nor have credible alternatives for addressing our realities. Our hope is that we could collaborate more fully and learn from their work.
MYTH #2 - OMERS is doing better than any other major pension plan. 
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