The OMERS Sponsors Corporation (SC) Board has decided not to consider any change to contribution rates or benefits in the OMERS Pension Plan in the 2015 Plan change review process, for implementation in 2016.  This decision reflects the Board’s assessment of the current financial health of the Plan.  In 2014, the SC adopted the Funding Management Strategy   (FMS), which describes how benefits and contributions will be modified as the OMERS Primary Plan moves through periods of funding deficit and surplus.

While the OMERS Primary Plan is currently in the FMS Deficit Management zone, the funded status of the Plan improved in 2014 from 88.2% to 90.8%. The contribution rate increases approved in 2010, together with the 10% net annual investment return in 2014, also supported the SC decision.

In the 2016 plan change cycle, the SC will again consider the sustainability of the OMERS Plans in the context of the annual plan valuations and will also assess any need for plan changes arising from developments in pension legislation or administrative matters, together with related input from stakeholders.    The SC also approved the filing of the 2014 OMERS Primary Plan valuation with the Financial Services Commission of Ontario (FSCO), which will secure current blended contribution rate levels until the end of 2015.