August 6, 2009

Third-Party Investment Management

Earlier this year, the OMERS Act, 2006 was amended to provide expanded powers for OMERS to invest assets and administer pension plans for third parties. Such services must be provided through a subsidiary. Senior representatives from OMERS brought further information about the new third-party investment management entity, OMERS Investment Management (OIM). Of particular interest to the SC were issues regarding governance and attribution of start-up and marketing costs.

Specified Plan Changes

The PDIC (Plan Design Information Committee) had reviewed the 2009 experience for considering specified plan changes and reconfirmed the existing process.

Plan text language for the two approved specified plan changes was confirmed.

Pension Reform

The OMERS Pension Group reported on the status of communications with the Ministry of Finance regarding removal of solvency requirements for jointly-sponsored public sector pension plans; the SC agreed to participate in a joint submission with the AC to support the OMERS position.