As part of an annual process, the preliminary results of the December 31, 2016 actuarial valuations of the Primary Plan and the RCA were provided to the SC and OAC Boards on February 15. The funded status of the OMERS Pension Plans at December 31, 2016 was reviewed in preparation for the Funding Management Strategy (FMS) decisions which will be decided at the March 21 Board meeting.
The (FMS) was adopted by the SC to guide decisions regarding the health of the pension plan, including related changes to contribution rates and benefits. The FMS includes deficit, reserve and surplus management zones based on the funded ratio of the plan. Each zone includes specific actions meant to address the health of the Plan.
Annually the SC financials are reviewed by an external auditor in conjunction with the Audit Committee, which in turn submits the findings to the Board for approval. The SC 2016 Financial Statements were approved at this meeting.