February 16-17, 2010

Pension Reform

On February 17, final changes were reviewed of an amended version of the joint (from SC and OAC boards) submission for proposed enhancements to Bill 236.

2009 Actuarial Valuation of the OMERS Primary Pension Plan

Midway through the two-day session, the two boards participated in their fourth annual informational session with the external actuaries. When the SC reconvened, Members continued to discuss the findings, and its implications for the upcoming specified plan change process.

Committee Recommendations

February is a key month in the specified plan change cycle, with January and February identified as the initial ‘concept and evaluation’ stage. The PDIC (Plan Design Information Committee) reported that online submission forms for stakeholder requests had been made available, and that they were being used.

The CGC (Corporate Governance Committee) brought forward some amendments to the SC policies on Communication PDF [49.9 KB] and on Confidentiality, PDF [50.5 KB] which ensure that information on specified and technical plan change proposals is made available to all stakeholders as soon as possible. The amended policies were approved (and are available on the SC website.) As well, the SC confirmed CGC recommendations to make changes to By-Law #4 PDF [84.5 KB] which would phase in a new term end date for SC Members, as it was determined that December 31st was more efficient than the original June 30th.

February is also when the annual report is finalized, and an independent, external auditor prepares annual financial statements and reports on the internal controls and effectiveness of the policies to the Audit Committee. As well, the HRCC (Human Resources and Compensation Committee) is mandated to regularly review Member expense and education policies. The SC approved HRCC recommendations to continue existing expense practice and to codify rules for Member attendance at educational pension and governance conferences and programs, and also approved the 2009 audited financial statements and report of the Audit Committee.