The Committee is appointed by the Members to assist the Members in discharging their responsibilities relating to design of the OMERS pension plans (the “Plans”).
The Committee shall:
- Facilitate and co-ordinate the process of gathering and considering information for the Corporation, and arrange for the referral of questions to OMERS Staff and legal, actuarial and other professionals engaged by the Corporation, in each case in relation to plan design issues.
- Make recommendations to the Corporation concerning the engagement of legal, actuarial and other professionals to provide advice and assistance with respect to plan design issues.
- Receive information, advice and recommendations from OMERS Staff and other advisors concerning plan design issues and the process for dealing with same. The Committee shall promptly advise the Corporation in writing of all recommendations for plan design changes which are not specified changes which have been made to the Committee by the OMERS Staff, whether or not the Committee has determined to recommend any such plan design change to the Corporation.
- Recommend plan design changes to the Corporation.
- Make recommendations to the Corporation concerning the complete process of dealing with and considering specified and non-specified plan changes.
- Determine whether the Corporation requires additional information from the Administration Corporation or OMERS Staff.
- Monitor changes in the Act and other legislation affecting the OMERS pension plans.
- Liaise with the Administration Corporation and/or its committee(s) on issues related to actuarial assumptions to seek clarification and additional information, identify areas of concern and provide the views of the Corporation and the Committee.
- Carry out any duties articulated in By-Law No. 12 as they relate to the annual plan change decision-making process of the Corporation.
- Identify, monitor and report on risks related to Plan design and contribution rates.
- Review the identification, management and reporting of risk to the OMERS pension plans.