The proposed Plan options at a glance

Extensive analysis conducted by independent experts confirms that the current OMERS Plan is unsustainable (and a little outdated) given the changing pension landscape. Specifically:

  • The cost of the Plan will continue to increase over time, which makes it more expensive and less attractive for employers and members (current and future members). 
  • The Plan currently includes some provisions that no longer work for the vast majority of members because of changing career paths, improved life expectancies and changes to the Canada Pension Plan.

The intent of the Comprehensive Plan Review is to determine if there is a better way to deliver the pension promise. As you will see, no benefits have been removed entirely from the Plan. Collectively, the proposed options are designed to modernize the Plan; that is, to enhance sustainability and to keep pensions meaningful and affordable for generations to come.

Following an intense eight-month review – including regular discussions with sponsors and other stakeholders – the Sponsors Corporation (SC) Board has identified the following potential Plan options for further consideration: 

Click any of the links above to learn more about each of the proposed Plan options. 

Key things to consider

As you consider the options, there are a few essential things to keep in mind:
  • No changes have been confirmed at this point. The SC Board will vote on final changes in November, following broader consultation. As always, Plan changes require a two-thirds affirmative vote by the SC Board and are unlikely to take effect before January 1, 2021.
  • If the SC Board approves any of the proposed options in November, the approved changes will apply only to benefits accrued (earned) after the effective date of the change. The current rules will apply to all benefits earned before the effective date. 
  • Any changes will have no impact on current retirees or members who retire before the effective date. In no case will benefits earned before the effective date be reduced.