OMERS Governance
Our governance model
OMERS is governed by two corporations – OMERS Sponsors Corporation and OMERS Administration Corporation – each with a separate and distinct mandate. The two corporations and their Boards work together, closely and collaboratively, to meet a singular goal: to make OMERS a sustainable, affordable and meaningful defined benefit pension plan. The Boards have adopted a joint 2025 Strategy to ensure operational alignment and a joint risk management process to promote a common understanding of, and approach to managing relevant risks.
This dual-Board, bicameral structure ensures broad input into decision-making by considering the interests of a large number of stakeholders and focused expertise in key areas, including Plan design, member and employer services and investments.
OMERS Sponsors Corporation (SC)
OMERS Administration Corporation (AC)
Mandate
In pursuit of the health and long-term viability of the OMERS Pension Plans, giving due consideration to the interests of stakeholders, the SC provides strategic and risk oversight and decision-making, with regard to:
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Designing pension benefits;
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Setting contribution levels and related reserves; and
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Determining the composition of the two OMERS Boards and the remuneration of their Directors.
In fulfilling its duties as administrator of the OMERS Pension Plans and trustee of pension funds, the AC provides strategic, risk and operational management in:
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Serving Plan members and employers, including administering the Plans, collecting contributions and paying pensions;
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Investing the Plan funds; and
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Preparing and setting assumptions for the actuarial valuations.
The AC provides professional and other services to the SC, as requested.
Responsibilities for managing the plan's funded status
The two corporations work together to manage the Plan’s funded status
- The SC decides the level of benefits provided, and contributions collected, to ensure the Plan remains sustainable, affordable and meaningful, in light of investment expectations, the current funded status and robust risk assessments.
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The AC determines the actuarial assumptions and methods used to calculate the funded status – including the Plan's discount rate, based on advice from an independent actuary.
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The AC provides insight on whether contribution rates, benefits and investment returns are balanced and whether they reflect future expectations.
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The AC advises on the funding requirements set out in applicable legislation.
Board composition
- The SC Board comprises 14 members, half of whom are appointed by employer groups and half of whom are appointed by unions and associations.
For more information on the results of the 2020 Board Composition Review and Board Effectiveness Review, please click here.
- The AC Board comprises 14 members nominated by sponsor organizations and appointed by the SC Board, plus an independent Chair also appointed by the SC Board in a joint process with the AC Board.
Governance topic
OMERS Administration Corporation (AC)
Governance references
The Administration Corporation and the Sponsors Corporation are guided by common governance documents including a Memorandum of Understanding outlining roles and responsibilities, the OMERS Act, 2006 and the Governance Review undertaken in 2012.
Member Affiliation Summary
OMERS members reflect the diversity of our province, participating in a wide variety of union and association groups or affiliations.
Employer Listing and Category Summary
OMERS participating employers are also diverse and can be divided into several categories.