January 1, 2025
The OMERS Defined Benefit Pension Plan promises a secure lifetime pension to our members, with provisions for inflation protection. As part of our responsibility to fulfil this promise, the OMERS Sponsors Corporation (SC) Board, half of whom are appointed by employer groups and half of whom are appointed by unions and associations representing members, reviews the health and viability of the Plan every year to ensure it remains sustainable, affordable and meaningful for our members and employers, today and into the future.
The SC keeps a close eye on the OMERS Plans to see if changes are either required or desirable due to its assessment of the long-term health of the Plan, changes in the pension environment or a desire to evolve the Plan to better meet the needs of our members and employers. The SC will generally communicate any proposed Plan change that is being considered by the SC Board on omers.com before the decision.
Submitting Plan Change Proposals
By-Law No. 12 sets out the process by which the SC Board addresses proposed Plan changes, including specified change proposals submitted to the SC by a stakeholder. Effective January 1, 2025, stakeholders will have the opportunity to submit specified change proposals for the SC’s consideration. Under the existing By-Law, specified change proposals submitted between January 1 and September 30 of a calendar year are to be analyzed and considered for a final decision by June of the subsequent year. While the SC Board is hopeful that proposals will be reviewed and decided upon in this timeframe, it is possible that decisions may be delayed.
Stakeholders wishing to submit a Plan change proposal may do so using the Stakeholder Request for a Plan Change form which can be accessed below.
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Please note that the SC may reach out to the requesting stakeholder to seek clarification and/or additional information about their Plan change request.
Through a focus on leading governance practices and disciplined decision-making, we are committed to supporting the financial health, relevance and long-term viability of the OMERS Plans. Proposed changes are examined carefully, with due consideration of these commitments, as well as the interests of our diverse sponsors, stakeholders, employers and members – current and future. The SC Board remains focused on building reserves as the Plan matures. To that end, submissions of Plan change proposals which would involve reductions to the overall contributions being made to the Plan and/or material improvements to Plan benefits are unlikely to be recommended for consideration by the SC Board at this time.