The OMERS Comprehensive Plan Review (CPR) has focused the attention of Plan sponsors on significant challenges affecting the sustainability and affordability of the OMERS Plan.

It is clear from the series of CPR Sponsors Forum discussions and the CPR outcome that there is a serious divide between employee sponsor representatives on the need to put in place sustainability levers and meaningful Plan design changes to return the OMERS Plan expeditiously to full funding.  Preparing for the next cycle of plan changes will continue to be a priority with a view to securing conditional indexing in the future.

A more immediate priority will be to ensure that MEPCO members understand the implications of the plan changes that were approved by the SC, namely the removal of the 35 year contribution cap and the ability of paramedics to negotiate NRA 60 status through collective bargaining.
 

2019 MEPCO Budget/Operational Considerations:

  1. Develop a multi-year financial forecast for MEPCO and assess factors that can be predicted and monitored to help the Board to manage its budget and reserve funds over time.
  2. Review MEPCO Board composition.

2019 Work Plan Activities

A) OMERS Related Activities
Monitoring/assessing priority OMERS initiatives, including:
  1. changes to plan assumptions or components of the OMERS Investment Strategy, any future proposed Plan changes and their impacts on returning OMERS to full funding and on the Primary Plan Funding Management Strategy (FMS);     
  2. the performance of the OMERS Investment Strategy (private and capital markets) and the focus on risk management and effectiveness of newly developed OAC risk management statements;
  3. progress in developing the OMERS 2030 Strategy;
  4. MEPCO Board regular dialogue with the OAC Board Chair and the OMERS President and CEO;
  5. 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;
  2. Develop and approve 2019 MEPCO Communications Plan, including outreach to other OMERS employer sponsors and consolidation of perspectives;
  3. Determine the objectives, content and potential venues for a 2019 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.