Funded status, on a smoothed basis
Managing the Plan’s funded status
At OMERS, we are focused on maintaing the financial health of the Plan so that it can continue to deliver on the pension promise over the long term. There are three main levers available to manage the Plan’s financial health:
Responsibility for implementing strategies to manage these three levers is shared between OMERS Sponsors Corporation and OMERS Administration Corporation.
The OMERS Sponsors Corporation (SC) sets contribution rates and benefit levels to ensure the Plan remains sustainable, affordable and meaningful for generations to come. In doing so, the SC considers the Plan’s current funded status (i.e., full reserve, partial reserve or deficit).
OMERS Administration Corporation (AC) determines the actuarial assumptions and methods used to calculate pension liabilities, based on advice from an independent actuary. This responsibility includes setting the Plan’s discount rate, and setting minimum funding requirements in accordance with pension laws and regulations. AC is also responsible for investments on behalf of the Plan.
Plan Funded Status at a Glance
As at December 31, 2022