Overview

Key points on the Comprehensive Plan Review are outlined below.

The OMERS Sponsors Corporation Board of Directors has undertaken a Comprehensive Plan Review to look at the sustainability of the OMERS Plan over the long term.
  • The Review grew out of a discussion that started well over a year ago on the indexing of benefits. This discussion broadened at the request of our sponsors to look at all options.
  • The SC Board is made up of equal representation from employer and employee organizations and they are responsible for the design of the Plan, including both benefit and contribution levels.
Despite recent gains, the Plan remains underfunded and vulnerable to longer-term pressures that are beyond our immediate control. ​
  • While the Plan has had strong financial performance in the last couple of years, even with these gains, the Plan has not fully recovered from the 2008 financial crisis and is not yet fully funded.
  • Ten years after the fact, we still have a deficit (funding shortfall) of $5.4-billion. There is still work to be done – and challenges to overcome.
  • There are also longer-term realities that will increase the cost of the current Plan in the future – substantially in some cases – costs that are shouldered by the contributions of members and employers.
 There will be consultation.
  • Part of the Board’s consideration will include consultation with members, employers, unions and sponsors. The Board is expected to vote in November on which changes, if any, will be made. They will also decide the timeline for any changes – there will be no changes implemented before the end of 2018 and we don’t expect to see changes before 2021.
The Review will have no impact on pension benefits accrued (earned) before the effective date of any change. 
  • For retirees, any approved changes to the Plan will have no effect on their pension.
  • For active members, any benefits accrued (earned) up to the effective date of any change will not be impacted.