OMERS Sponsors Corporation Announcement:

No Need to Implement a Levy in the Foreseeable Future

July 24, 2015

The OMERS Act permits the OMERS Sponsors Corporation (SC) to establish a supplemental decision-making process for the unlikely circumstance that the SC is unable to reach a decision related to plan changes.  The only mechanism provided by the OMERS Act for funding the cost of the supplemental decision-making process is by levying plan members and employers.  While the government had initially provided the SC with start-up funds which could be used to cover related costs, those grant funds have now been returned.

At its June meeting the SC concluded that it will not be necessary to implement a levy in the foreseeable future.  In addition, the SC will no longer fund the costs of SC Members who incur expenses related to the supplemental decision-making mechanism.  This change provides a further incentive to avoid supplemental decision-making. 

With this change and related measures developed in collaboration with the OMERS Administration Corporation, the SC has concluded that it is not necessary to levy plan members and employers at this time.

Should the circumstance arise that a levy must be implemented at some time in the future the SC will provide as much advance notice as possible.