We at OMERS are responsible for protecting your pension – today and into the future.
As part of this responsibility, the OMERS Sponsors Corporation Board, made up of representatives of sponsor organizations, reviews the health and viability of the Plan every year to ensure it remains sustainable, affordable and meaningful for the OMERS Community.
The past few weeks have been a very challenging time and we hope first and foremost that you, and the people you care about, are healthy and safe. At the start of this year’s plan review process, we did not foresee the COVID-19 pandemic, nor did we predict its impact on our communities and businesses. However, we feel that proceeding with the 2020 plan review process is important, prudent and very much in line with the pension promise we have made to you for the long-term.
Based on the latest review, there are two Plan changes currently being considered:
- The first would remove the current eligibility rules so that non full time employees can elect to join the Plan at any time.
- The second called Shared Risk Indexing would mean that the SC Board, based on its annual assessment of the Plan’s health and viability, may need to reduce future inflation increases on benefits earned after December 31, 2022.
These changes are being considered by the OMERS Sponsors Corporation (SC) Board for the OMERS Primary Pension Plan and are still under review. The final decision will be made by the SC Board in June 2020.
For more information on the changes under consideration, please click here.