The OMERS Sponsors Corporation has made decisions on the 2014 Specified Plan Change proposals.
At its June 25th meeting, the OMERS Sponsors Corporation (SC) considered the eight Specified Plan Change (SPC) proposals that were tabled this year, and approved the proposed change in contribution rates. Six of the SPC proposals did not receive the necessary 2/3s support of the SC Board and failed, and the NRA 60 – Police Civilians proposal was withdrawn by its proponent. None of the SPC proposals were referred to arbitration.
The newly approved contribution rates fully reflect the new methodology and result in a 0.1% reduction in the normal retirement age 60 (NRA 60) contribution rates with no change to the NRA 65 contribution rates.
In 2012 the SC approved a methodology for allocating the overall contributions into the four rates (for each NRA and earnings above / below the CPP earnings limit). As part of the approach, the SC approved interim contribution rates with a commitment to fully implement the new methodology by January 1, 2015.
The contribution rates effective January 1, 2015 are as follows:
Below CPP earnings limit
Above CPP earnings limit
A description of the methodology for allocating contribution rates is available in our Statement of Plan Design Objectives and Strategy.
The June decisions mark the end of the 2014 SPC process. The 2015 SPC process officially kicks off on March 1, 2015. There is plenty of time before then for you to submit a Stakeholder Request for Plan Change and potentially influence the 2015 SPC proposals.