A Message from Michael Rolland, CEO, OMERS Sponsors Corporation
To OMERS Members and Stakeholders -
First and foremost, we hope you and the people you care about are staying safe and healthy.
Ensuring the OMERS Plan stays healthy and sustainable is our collective responsibility and we take this very seriously. As part of this responsibility, the OMERS Sponsors Corporation Board revisits the Plan’s design every year,
reflecting our ongoing commitment to you.
It goes without saying that the past few months have been a very challenging time. 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. While we feel that proceeding with the 2020 Plan Review is very much in line with the pension promise made to you for the long term, the SC Board wanted to explore ways to support our members
impacted by the exceptional circumstances of the COVID-19 pandemic. As such, in addition to the plan changes you will read about on this website, the SC Board has decided to formally consider three temporary plan amendments
to assist members as they navigate the challenges caused by COVID-19.
These proposed changes are as follows:
Extend leave purchase deadlines.
For members who return from a leave of absence in 2020 or 2021, extend the deadline to complete the leave purchase by one year (i.e., extending to December 31, 2022, or December 31, 2023, depending on the return date).
Reduce or eliminate 36-month employment requirement for purchases of periods of reduced pay.
Amend the Plan to align with potential amendments to the Income Tax Regulations that may reduce or eliminate the 36-month employment requirement for purchases of periods of reduced pay.
Permit temporary layoffs as purchasable service.
Allow members to establish as credited service periods of absence due to temporary layoff that were initiated in 2020 or 2021, at two times contributions (member only).
More information about these three proposed changes is available here.
The plan review process provides the OMERS community with an opportunity to discuss and address the challenges that can influence the Plan’s sustainability. This year, we have both short-term and long-term challenges we must face
which is why even in a year of unexpected events, we consider it our duty to follow that process. Given the current global circumstances, the importance of maintaining focus and continuing to improve the affordability, sustainability
and meaning of the Plan could not be more clear.
Over time, through stakeholder and member feedback, we have worked to bring more transparency to the annual plan review process. This includes the scheduling of forums and regular meetings and enhancing our online updates such
as this communication tool -- I encourage you to take a moment to explore it.
Protecting your OMERS Pension
The OMERS Sponsors Corporation (SC) Board is responsible for the health and viability of the Plan into the future and is considering...