The proposed Plan options at a glance
Extensive analysis conducted by independent experts confirms that the current OMERS Plan is unsustainable (and a little outdated) given the changing pension landscape. Specifically:
- The cost of the Plan will continue to increase over time, which makes it more expensive and less attractive for employers and members (current and future members).
- The Plan currently includes some provisions that no longer work for the vast majority of members because of changing career paths, improved life expectancies and changes to the Canada Pension Plan.
The intent of the Comprehensive Plan Review is to determine if there is a better way to deliver the pension promise. As you will see, no benefits have been removed entirely from the Plan. Collectively, the proposed options are designed to modernize the Plan; that is, to enhance sustainability and to keep pensions meaningful and affordable for generations to come.
Following an intense eight-month review – including regular discussions with sponsors and other stakeholders – the Sponsors Corporation (SC) Board has identified the following potential Plan options for further consideration: