May 25, 2017

Plan Changes

The OMERS Sponsor Corporation (SC) agreed that it would consider the following four plan changes for the coming year:

  • Commuted values and buy backs: Introduce certain time restrictions related to the payment of commuted values and buy-backs
  • Dual membership: Restrict access to pensions for certain dual members
  • Foreign Service membership: Permit members working in foreign countries to suspend participation in OMERS

The plan changes noted above will be decided by the SC at its June meeting.  More information is available in the “Understanding Plan Changes” section of the website.

  • NRA 60 Paramedics:  Allow employers to provide NRA 60 benefits to paramedics.

The SC was not prepared to decide this potential change at its June meeting and waived the timelines for this particular decision.  The SC will make a decision by the end of 2017.

Other Plan Changes
The SC continues consultations related to modifying the indexing provisions of the Plan to enable greater risk sharing and enhanced intergenerational equity in the future. In addition, OMERS will be undertaking a research project to inform the SC’s review of eligibility requirements for non-full-time employees.

The SC decided that neither of these issues will reach decision-making in 2017, but they are expected to be decided in 2018.  

OAC Board Appointments

One of the most important responsibilities of the SC is the appointment of directors to the OMERS Administration Corporation (OAC) Board.

In May of this year, the Corporate Governance Committee (CGC) conducted interviews with two incumbent nominees with the participation of the OAC Board Chair, George Cooke.

The SC reappointed Monty Baker and Cliff Inskip to the OAC Board effective January 1, 2018, for three-year terms.