who are not employed in those sectors. The arbitrator's decision with respect to the terms and conditions of any of the OMERS pension plans shall be deemed to be a decision of the Sponsors Corporation to amend the pension plan, or a decision not to amend the plan, as the case may 4. Ontario Municipal Employees Retirement System Act " and substituting " 2019 Annual Report 1.4 MB. 4. (6)  The person referred to in paragraph 2 of subsection (2) is to be chosen as follows on behalf of former members of the OMERS pension plans: 1. 6, 7 or 8 of subsection (1): 1. 4. As such, we regularly disclose our financial results through annual and quarterly reports. Active members will receive their Pension Report any time between January 1 and June 30, 2021. The composition of the Administration Corporation is to be determined by by-law of the Sponsors Sponsors Corporation passes a by-law under subsection (1), whichever is earlier. Its objects, powers and duties are described in sections 24 to 31 of the Act, and they Annual Reports Financial Information. The Ontario Municipal Employees Retirement System Act is repealed. (10)  If a person who was not appointed under subsection (2) or (9) ceases to hold office before his or her term of office expires, the same person or organization that chose the person may choose his or her replacement to hold office (1)  On the day on which subsection 22 (1) comes into force, the Sponsors Corporation is composed of 22 persons to be appointed by the Lieutenant Governor in The composition of the Sponsors Corporation is as determined under section 38 for the period commencing on the day that subsection 22 (1) comes into force and ending immediately before the first anniversary of that day or when the Sponsors ". affirmative vote of a majority of its members to reject it. 7. (3)  The amount of the fee payable by each employer or member is determined by the Sponsors Corporation and is a debt due to it on the date specified by the Sponsors Corporation. (1)  Every year, the Administration Corporation shall prepare a report on the affairs of the OMERS pension plans during the preceding year and the report must contain a copy of the financial statements (8)  The chair of the Administration Corporation is to be chosen by the members of the Administration Corporation from among the members. Two persons who are representative of other members of the OMERS pension plans, to be chosen in accordance with subsection (4). 13. Three persons to be chosen by the Canadian Union of Public Employees (Ontario). determined under section 45 for the period commencing on the first anniversary and ending when the Sponsors Corporation passes a by-law under subsection (1). (6)  The person referred to in paragraph 12 of subsection (1) is to be chosen as follows on behalf of former members of the OMERS pension plans: 1. 18. The chair shall prepare a list of five persons who are willing to act as mediator. The Ontario Municipal Employees Retirement System is continued and is composed of the OMERS pension plans and any retirement compensation arrangements that provide benefits for members and former members of the OMERS pension plans. Her Majesty, by and with the advice and consent of the Legislative Assembly of the Province of Ontario, enacts as follows: "Administration Corporation" means the corporation continued by subsection 32 (1); ("Société d'administration"), "annual benefit accrual rate" has the same meaning as under the Income Tax Act (Canada); ("taux annuel d'accumulation des prestations"), "associated employer" means an employer who participates in an OMERS pension plan under subsection 6 (1); ("employeur associé"), "benefits" means pension benefits and ancillary benefits, unless the context requires otherwise; ("prestations"), "local board" means local board as defined in section 1 of the Municipal Affairs Act and includes any person or entity that, under another Act, is deemed to be a local board for the purposes of this Act; ("conseil local"), "OMERS" means the Ontario Municipal Employees Retirement System; ("OMERS"), "OMERS pension plans" means the primary pension plan, any retirement compensation arrangements that provide benefits for members and former members of the OMERS pension plans and such other pension plans as may be established by the Sponsors and. 28. supplemental plan in respect of pensionable service described in paragraph 8 of subsection 11 (3). terminate their participation in the OMERS pension plans. employed in the police and fire sectors and establish the contribution rates for the benefits. Restriction on use of primary pension plan assets. (6)  The person referred to in paragraph 11 of subsection (1) is to be chosen as follows on behalf of former members of the OMERS pension plans: 1. A meeting of the Sponsors Corporation is called under section 42 for the purpose of considering a specified change. Although income was quite strong in 2006, the change from 2005 was the result of lower market valuation adjustments resulting primarily from our exposure to the oil industry which saw reduced prices during the year. (4)  The purpose of a meeting requested by the Administration Corporation is to consider the changes to the OMERS pension plans that are identified or recommended by the Administration Corporation. No assets of the primary pension plan may be used to pay optional benefits or to fund other liabilities of a supplemental plan. additional contributions for past service. Annual Reports. 20. To administer retirement compensation arrangements that provide benefits to members and former members of the OMERS pension plans. Regulation 909 (General) made under the Pension Benefits Act, and the purpose of the meeting is to consider whether to change benefits for members or contribution rates or both for any of the pension plans. (6)  An employer may subsequently consent to provide an additional benefit listed in any of clauses (5) (a) to (d) that the employer has not previously consented to provide. members of the primary pension plan. 2. One person to be chosen by the Ontario Secondary School Teachers' Federation. One person is to be representative of members of the OMERS pension plans who are not represented for collective bargaining purposes by the Canadian Union of Public Employees (Ontario) and not employed in the police and fire sectors. 3. (13)  If the matter is referred for arbitration, every copy of the mediator's report must be destroyed. members. is repeated until the person has been chosen. When the matter is referred for arbitration, the Sponsors Corporation may appoint the arbitrator or may determine the method for choosing the arbitrator. (2)  The amendment required by this section shall be made within 24 months after the day this section comes into force. At any meeting held before the 30-day period expires, the Sponsors Corporation may appoint the mediator or may determine the method for choosing the mediator. composed of six persons to be appointed by the Sponsors Corporation. 47. (4)  The term of office of each member of the Sponsors Corporation is as determined by by-law and must not exceed three years, and members are eligible to hold office for a maximum of six consecutive years. The Ontario Municipal Employees Retirement System Act is repealed and consequential amendments are made to other Acts. 2. (10)  The members of the Sponsors Corporation shall have voting rights as follows: 1. Its objects, powers and duties are described in sections 34 and 35 of the Act. is required to amend the OMERS pension plans to provide optional increases in benefits to members of the primary pension plan who are employed as members of a police force or as firefighters or paramedics. 2006 Section 15 provides for a reserve to Section 14 governs the actuary's determination of the contribution rate for the primary pension plan and for any retirement compensation arrangements for those members who are also members of a (2)  Despite subsection (1), on the day that subsection 22 (1) comes into force, the composition of the Sponsors Corporation is as determined under section 38 and on the first anniversary of that day, the composition is as determined The Sponsors Corporation may determine the wording. 50. (1)  Despite any other provision of this Act, the Administration Corporation shall amend the OMERS pension plans to provide optional increases in benefits for members of the primary pension plan who are 2006 indicated: 1.Two persons to be chosen by the Association of Municipalities of Ontario. See Member's Overview . The fees and expenses of administering the pension plans (5)  The person referred to in paragraph 9 of subsection (1) is to be chosen as follows on behalf of former members of the OMERS pension plans: (6)  The term of office of persons chosen under this section is three years. the member's age, counted in full years and months, plus credited service and eligible service, counted in full years and months, equals at least 85 years. (3)  The Administration Corporation is not a party to the agreement but is required to comply with it. (1)  Section 9 of the City of Toronto Act, 1997 (No. Annual Report — PDF/Adobe Acrobat (631 KB) Financial Statements — PDF/Adobe Acrobat (132 KB) 3. 37. Corporation passes a by-law under subsection (1), whichever is earlier. Employees Retirement System Act, 2006". 38. pension plan. 34. Local 416; thereafter, the replacement is to be chosen on an alternating basis by Locals 79 and 416. . 29. In determining the required contribution rate for the primary pension plan and for any retirement compensation arrangement to be paid by the members of the primary pension plan who are also members of a (4)  A reference in this Act to persons who are employed in the police and fire sectors is a reference to OMERS pension plan members who are members of a police force as defined in section 2 of the Police Services Act or who 4. cent and less than or equal to 2.33 per cent (the "increased benefit"), the municipality or local board may make contributions to the plan for the increased benefit in respect of the employees' service on or after the date on which the Corporation. One person is to be representative of the Ontario Association of Police Services Boards. benefits to members of the primary pension plan who are employed as members of a police force or as firefighters or paramedics and to establish the contribution rates for those benefits. The Administration Corporation is required to amend the OMERS pension plans to provide optional increases in Some of our financial achievements include: Posting a positive net return of 11.9 % Increasing our funded ratio to 97 % Growing net assets by $ 12 billion. (5)  The term of office of each member of the Administration Corporation is as determined by by-law of the Sponsors Corporation. is composed of 12 persons to be appointed by the Sponsors Corporation. are required until all the organizations have been invited to choose a person. described in subsection (4) or (5) and, using those mechanisms, the decision is made with respect to the specified change. OMERS Administration Corp provides pension services. Members; Employers ; Sponsors; Investing; About OMERS; News; Events; Careers; Contact Us; View other OMERS sites. 3. One or more supplemental plans may be established for the purpose of providing optional benefits to members of the primary pension plan who are employed in the police and fire sectors, or to other members and former members of the primary Two per cent of the employee's average annual earnings during the 60 consecutive months during which his or her earnings as an employee were highest, multiplied by the number of years of his or her pensionable service under the OMERS pension change. requirements set out in section 26 of the Act. plan for the year by the employer's employees. Representative of CUPE (Ontario), Locals 79 and 416. Ontario Municipal Employees 5. The OMERS Sponsors Corporation is established by section 22 of the new Act. One person to be chosen by the Ontario Public School Boards' Association. (1)  The Administration Corporation shall appoint a Fellow of the Canadian Institute of Actuaries to act as the actuary for the OMERS pension plans. (3)  Despite subsection (1), for the period commencing on the day that subsection 32 (1) comes into force and ending immediately before the third anniversary of that day, the composition of the Administration Corporation is as ii. 2. (4)  The two persons referred to in paragraph 10 of subsection (1) are to be chosen as follows on behalf of those members of the OMERS pension plans who are not represented, directly or indirectly, by an organization described in 41. Private Investments. and governance of the OMERS pension plans. One or more supplemental plans may be established for the purpose of providing optional benefits to members of the primary pension plan who are members of a police force or employed as firefighters or paramedics, or to other members and former (c) the member makes the election to purchase credit for the benefit subject to any conditions determined by the Administration Corporation on the advice of the actuary. Employees Retirement System Act, 2006". 2006, c. 2, s. 20. employees. 10. (6)  Clause 60 (11) (b) of the Act is amended by striking out "for the purposes of the Ontario Municipal Employees Retirement System Act" and substituting "for the purposes of the Ontario Under the new Act, the terms and conditions of any of the plans may be changed by the Sponsors Corporation. (3)  The chair of the Sponsors Corporation is to be chosen by its voting members from among the voting members. As chair, the person who holds office as the chair of the Ontario Municipal Employees Retirement Board immediately before that subsection comes into force. The Sponsors Corporation shall rank the organizations according to the number of those members that each of them represents, and the organization representing the greatest number of those members is the largest organization. Every OMERS pension plan must be a defined benefit plan. 4. If the Sponsors Corporation determines the method for choosing the mediator but no mediator is appointed within 30 days after the meeting at which the determination was made, the chair of the Sponsors Corporation shall choose the mediator in (5)  In a consent under subsection (4), an employer may consent to provide a benefit or benefits under only one of the following paragraphs: 1. In February we shared our Annual Report which details our performance for the previous year. (2)  Subsection 276 (3) of the Act is amended by striking out " (7)  Clause 66 (6) (a) of the Act is amended by striking out " that provide benefits to members or former members of the OMERS pension plans are continued with the same terms and conditions. a total increase to the contribution rate for the plan for members or participating employers of more than 0.5 per cent. be. Cap on contributions for increased benefits. 3. 14. If the Sponsors Corporation does not appoint the arbitrator or determine the method for choosing the arbitrator, the chair of the Sponsors Corporation shall choose the arbitrator and make the appointment on behalf of the Sponsors OMERS 2019 Results. 50. The primary pension plan must be a defined benefit plan. 40. (2)  The following employees of an associated employer are eligible to be members of the OMERS pension plans: 1. (9)  Subject to subsection (7), the purchase cost of a credit for a benefit described in paragraph 8 of subsection (3) shall be equal to the present value of that benefit. (2)  The Administration Corporation is not a Crown agency and it is not a local board as defined in subsection 1 (1) of the Municipal Act, 2001. In determining the required contribution rate for the primary pension plan to be paid by the members of the primary pension plan who are also members of a supplemental plan and by their employers, the actuary 31. 2006, c. 2, s. 20. 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