OMERS has been a key participant in pension reform at the provincial and federal levels – this section includes OMERS submissions on pension reform.
In 2010, following research and ongoing public debate, the Federal Department of Finance issued a consultation paper about the continued strength of Canada's retirement income system. OMERS is pleased to participate in this process, and provided a detailed submission; see below.
OMERS Submission (April 2010)
In April 2010, the OMERS Administration Corporation and Sponsors Corporation made a joint submission to the Federal Department of Finance. The submission reviews suggested options to enhance ongoing pension coverage and supports increased flexibility for workplace pension plans. OMERS supports increased coverage for Canadians and recommends a federal-provincial task force to develop the main options.
OMERS Submission (February 2015)
On February 13, 2015, the OMERS Administration Corporation and Sponsors Corporation made a joint submission to the Ontario Ministry of Finance in response to the consultation paper on the ORPP. The submission seeks clarification on scope of the employees who will be required to join the ORPP.
In December 2009, the Ontario government released draft legislation, Bill 236, Pension Benefits Amendment Act, 2009. Bill 236 is the first stage of what the government is calling a multi-stage pension reform process to modernize Ontario's employment pension system. Many parts of Bill 236 deal with issues that have been in need of reform for some time, such as grow-in benefits, transfers of assets, phased retirement, plan valuations, confidentiality of information, and Pension Advisory Committees. OMERS has reviewed the Bill carefully and continues to evaluate its implications. See OMERS 2010 submission below. Bill 236 was amended in Standing Committee, and passed in early May 2010; many provisions will not be operative until regulations are also in effect. OMERS will provide updates on any news or developments.
OMERS Submission (February 2010)
In February, 2010, the OMERS Administration Corporation and Sponsors Corporation made a joint submission to the Ontario Standing Committee on Finance and Economic Affairs. The submission describes Bill 236 as an important first step in pension reform, and focuses on OMERS priority concerns including issues such as asset transfers, phased retirement and grow-in rights.
OMERS Response (February 2009)
The report from the Ontario Expert Commission on Pensions was released on November 20, 2008. The Government of Ontario set up the Commission more than two years ago in order to review the province's pension system.
Overall, OMERS is pleased with the report's direction and with many of the individual findings and recommendations aimed at strengthening the security, affordability and fairness of pension plans in Ontario. The Commission's report represents a positive, and long awaited, first step in the crucial task of reforming the current pension system in Ontario.
OMERS also agrees that maintaining momentum is crucial to this initiative's success. Pension reform will require a phased implementation approach. We believe that the time for action is now and the Ontario government must move quickly to prioritize and execute the first phase of pension reform.
On February 26, 2009, OMERS submitted Turning Recommendations into Action – our response to the report from the Commission.
OMERS Submission (October 2007)
OMERS President and CEO, Michael Nobrega, appeared before the Ontario Expert Commission on Pensions on October 19, 2007 to present OMERS submission, Closing the Gap Between Pension Regulation and Best Practices. This was the first submission of OMERS Administration Corporation and Sponsors Corporation boards to the Commission.
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