Reviewing The Plan
We are responsible for protecting members’ pensions – today and into the future. As part of this responsibility, the OMERS Sponsors Corporation (SC) Board, made up of representatives of sponsor organizations, reviews the health and viability of the Plan every year to ensure it remains sustainable, affordable and meaningful for the OMERS Community.
The SC keeps a close eye on the Plan to see if changes are either required or desirable due to things like changes in the pension environment or a desire to evolve the Plan. Such changes are considered on an annual cycle unless, for unforeseen reasons, decisions must be made sooner. In that case the SC will generally, at a minimum, communicate through its website at least 21 days before decision.
With a focus on leading governance practices and disciplined decision-making, we are committed to supporting the financial health, relevance and long-term viability of the OMERS Plans. Proposed changes are examined carefully, with due consideration to the interests of the sponsors and stakeholders including employers and members – current and future.
The SC continues to welcome ideas and input from stakeholders on ways to make our pension Plan better but please be aware that on June 23, 2021, SC suspended the 2021/2022 OMERS plan change process pending its review of By-Law No. 12. The SC will be consulting with sponsors and stakeholders in the fall/winter of 2021 and 2022 on the proposed changes to the By-Law. While the review is underway, individual stakeholder requests for plan changes submitted to the SC this and next year will not be considered until a new By-law No. 12 is implemented.
Annual Decision-making Process
Plan change decisions generally follow an annual process.
Managing Benefits and Contributions
It is the responsibility of the SC to decide when it’s appropriate to change benefits and contribution rates.
Changes Currently Under Consideration
As part of the process of reviewing the Plan, the SC provides information for stakeholders about changes that are under consideration.
Recent Plan Changes
Changes to the Plan are only made after extensive consideration by the Board and discussion with our sponsors.
Stakeholder Requests for Plan Changes
Here you will find the process to request Plan changes.