November 22, 2012

Plan Design

The SC received and approved changes to the AVC (Additional Voluntary Contributions) Policy recommended by the OAC. The changes will:

  • eliminate the transfer-in window so that lump sum transfers-in can be accepted year-round, effective January 1, 2013;
  • permit catch-up lump sum payments for members in the automatic contribution plan within set limits, effective July 1, 2013; and
  • allow employers to choose whether to offer payroll deductions to their employees, effective 2014.

The SC also received a presentation on the Asset Liability Study undertaken by the OAC for purposes of establishing the asset mix of the plan.  Reviewing the results was a useful exercise for considering the potential impact of the investment risks faced by OMERS as well as providing context for the economic assumptions used for funding valuation purposes.


Board & Committee Appointments

The SC received the appointment to the SC Board of Mary McConville by OACAS.  Her term will be from January 1, 2013 to December 31, 2015.

Committee composition was reviewed by the Co-Chairs and SC with the result that two temporary additional seats were added to the Corporate Governance Committee in light of its significant work load in 2013. The composition of the four standing committees and the Joint Council were confirmed for January 1, 2013.

The SC extends its thanks to Joe Aitchison, incumbent OACAS appointee, for his considerable effort and commitment to OMERS and the SC since its inception in 2006.

2013 Business Plan & Budget

At the recommendation of the Audit Committee, the Business Plan for 2013 was approved and the 2013 Budget approved in principle, pending confirmation of certain information.