On February 11, 2015, the OMERS Sponsors Corporation (SC) appointed Penny Somerville as an AMO representative to the OMERS Administrative Corporation (OAC) Board. The OAC manages the OMERS Plan’s day to day operations including the Investment Strategy, Plan valuation and Pension benefit administration. The OAC Board is chaired by independent Chair, George Cooke, and consists of 14 additional members nominated by OMERS employer and employee sponsors.

Ms. Somerville brings a range of financial management competencies and risk management expertise developed through her experience in the Canadian financial services sector and joins Michael Fenn, the other AMO OAC Board representative on the OAC Board. The appointment, which runs until December 31, 2016, fills a vacancy created by Lloyd Komori’s resignation as an AMO OAC representative in December 2014.

In addition to confirming appointments to both OMERS Boards, the OMERS SC Board determines OMERS Plan design and is responsible for administering the new OMERS Primary Plan Funding Management Strategy regarding changes to benefits and contribution rates, and also sets compensation levels and amends appointment protocols for both OMERS Boards.

Proposed Ontario Registered Pension Plan and Municipal Government
On another pension related matter, the MEPCO Board has recently made a submission to the Honourable Mitzie Hunter, Associate Minister of Finance (Ontario Retirement Pension Plan) on the December 2014 ORPP design consultation paper. MEPCO is seeking confirmation on exclusion from the ORPP of all employees working for an OMERS employer and clarification of any possible impacts of the ORPP on municipal part-time employees and those municipal employees not enrolled in the OMERS Plan. There are about 30 municipal governments not enrolled in OMERS. MEPCO will continue to provide updates as the ORPP initiative unfolds.