The challenge in 2018 is for the MEPCO Board to act strategically and comprehensively in providing input/feedback and developing positions on OMERS activities, particularly the Comprehensive Review of the Plan Design and Benefits and OMERS 2030 Strategy.  These matters, along with CPP enhancement/OMERS integration, inclusion of non-full time employees in OMERS plan and NRA 60 benefits for certain groups and integration of specific municipal closed plans with OMERS will all have an impact on Plan cost and sustainability.  Higher investment returns are good, but given there will be one employee for every retiree in short course, options for managing future risk and impact on contribution rates is critical for both short term and longer term.

2018 Work Plan Goals:

  • Support AMO SC representatives as the SC Board deals with its own strategic future plan design work.
  • Undertake targeted outreach to other OMERS employer sponsors and key stakeholders to try to consolidate employer positions, support and messaging.
  • Aggressively communicate municipal employer perspectives on matters that support or detract from OMERS Plan sustainability.

New Specific 2018 Work Plan Objectives:

  • Evaluate the development and results of the OMERS Comprehensive Plan Review and assess proposed plan changes in the context of its recommendations and how they would impact proposed new directions.
  • Develop a negotiation strategy on the proposed OMERS Plan changes, i.e. does the Board reject all proposed changes or are there trade offs that can be accommodated.  
  • Develop a specific 2018 communications strategy and messaging regarding MEPCO positions on SC Board initiatives, e.g. webinar, MEPCO Updates, AWF articles, 2018 MEPCO educational vehicle to help inform 2019 municipal councils.
  • Maintain relations with LUMCO/RST CAOs and LUMCO/MARCO political tables.
  • Consider means to reach out to other OMERS employers and consolidate OMERS employer perspectives and employee understanding.
  • Develop a multi-year financial forecast for MEPCO and assess factors that can be predicted and monitored to help the Board manage its budget and reserve funds over time.  
  • Review MEPCO Board composition and review vacancy.

2018 Work Plan Activities

A)    OMERS Related Activities

Monitoring/assessing priority OMERS initiatives, including:
  1. Potential OMERS membership growth initiatives including the development and review of an OMERS AC proposal for inclusion of NFT employees in the OMERS Plan;
  2. Ongoing SC Board discussions regarding the OMERS Plan cost and municipal labour relations impacts of CPP enhancement integration, the MI² Proposal and the integration of municipal closed plans with the OMERS Plan;
  3. The performance of the OMERS Investment Strategy (private and capital markets) and the focus on risk management;
  4. Specific OMERS initiatives such as changes to plan assumptions and  components of the OMERS Investment Strategy and specific proposed plan changes and their impacts on the return to OMERS full funding and the Primary Plan Funding Management Strategy (FMS);
  5. Progress in developing the OMERS 2030 Strategy and Comprehensive Plan
  6. Review and providing input to related background studies;  
  7. MEPCO Board regular dialogue with the OAC Board Chair and the OMERS President and CEO;
  8. Liaison with OMERS senior OAC/SC staff on OMERS matters to assist in maintaining good MEPCO/OMERS relations.   

B)    MEPCO  Related Activities

  1. Evaluation of MEPCO communications tools and any updating of MEPCO messaging to meet anticipated needs, e.g. impacts of fundamental  OMERS Plan design changes and specific plan change proposals and the ongoing operation of the FMS;  
  2. Develop and approve 2018 MEPCO Communications Plan, including outreach to other OMERS employer sponsors and consolidation of perspectives;
  3. Determine the objectives, content and potential venues for a 2018 MEPCO education session;  
  4. Continue to support the resolution of MEPCO member concerns with OMERS as they arise;
  5. Outreach to OMERS municipalities to maintain voluntary MEPCO membership and membership relations on the role of MEPCO and its accomplishments.

C)     Public Sector Pension Development Activities  

  1. Monitor developments related to legislation/regulatory change in the framework for the operation of OMERS and other public sector pension plans in Ontario, including the OMERS impacts of proposed Bill 177, Stronger, Fairer Ontario Act (Budget Measures), 2017 regulatory changes.