Important News About Your Plan

April 25, 2018

Recent Annual Meeting – webcast available online

We hope you were able to join us at our Annual Meeting on April 9, either in person or via the live webcast. In case you missed it, the video is available on omers.com
 
The meeting featured progress on the 2020 Strategy, our 2017 results, and highlights of the Comprehensive Plan Review – what it is, why we need to do it, and the process to get input.

Here are some highlights from 2017:

  • Our funded ratio increased to 94%, reflecting improvement for the fifth consecutive year
  • Our investment return was 11.5%, exceeding our benchmark of 7.3% and our 2016 investment return of 10.3%
  • Member satisfaction remained high at 92%
  • Member account balances in the Additional Voluntary Contributions program grew to more than $800 million

Comprehensive Plan Review – work underway with more updates to come
 
We are pleased with the results above and yet are mindful of the risks that may lie ahead. Accordingly, in 2017, the Sponsors Corporation launched a Comprehensive Plan Review. This Review is a logical extension of OMERS commitment to managing for change, and is an opportunity to evaluate the Plan in response to realities that are largely beyond our immediate control:

  • Plan maturity
  • Longevity
  • Workforce trends
  • Canada Pension Plan (CPP) enhancements
  • Global economic factors

It’s important to remember that any Plan changes which may come out of the Review will have no impact on benefits you have already earned. If you are a retiree, any changes to the Plan will have no effect on your pension.
 
The OMERS Act requires that the OMERS Plan be a defined benefit plan. That will not change as a result of this Review. This Review will help to determine if there is a better and more effective way to deliver benefits in the future, and at what cost.

“The conversations we are having now will set the course for the next 20, 50 and even 100 years for our Plan,” said Paul Harrietha, Chief Executive Officer, OMERS Sponsors Corporation. “It’s all about preserving the pension promise for generations to come.”
 
Although it’s premature to say whether the Review will result in Plan changes, we will continue to provide updates, with information on how members can provide feedback. You will hear more about the Comprehensive Plan Review soon. For more information, please visit omerssc.com.

In Case You Missed It…

We recently emailed or mailed you a copy of OMERS 2017 Report to Members. View it online to learn more about the value of your OMERS Pension Plan, how we serve our members, and our focus looking ahead.