The Board received further technical information related to the annual actuarial valuation for the Primary Plan. Various scenarios and analyses were discussed as they relate to the projected funded status of the OMERS Pension Plans. This information helps the SC manage the long-term health and sustainability of the Plan.
Plan Change Decisions
Under its decision-making process, the SC considers whether there is a need for benefit or contribution rate changes based on the Funding Management Strategy (FMS) it adopted in 2014. The FMS outlines how benefits and contributions will be modified in response to the financial health of the OMERS Primary Plan (the Plan) as the Plan cycles through periods of deficit and surplus.
The FMS did not call for any changes in 2017 as the measures introduced in 2010 remain sufficient to manage the financial health of the Plan and the related decision-making process was not automatically invoked. Likewise, the SC did not choose to voluntarily invoke the FMS decision-making process in 2017.
The valuation report of the OMERS Primary Pension Plan must be filed with the regulators every three years, and may be filed more frequently. Given the improved funded position, the SC decided to file the December 31, 2016 valuation reports in respect of both the Primary and Supplemental Plans. The next required valuation reports will be the December 31, 2019 valuation reports for filing in 2020.