MEPCO Member Newsletter - December 2019
MEPCO Board report from December
What’s new with OMERS
At its December 2019 meeting, the MEPCO Board was given an update on recent key developments at OMERS. An OMERS Strategy was approved in 2019, providing long-term strategic direction and areas of focus, as well as a set of specific priorities for the next five years. OMERS Sponsors Corporation (SC) has approved a number of changes to its governance arrangements, with the intention of strengthening its governance framework and supporting its commitment to OMERS members, employers and other stakeholders. The OMERS Strategy can be viewed online. For 2020, the key focus for OMERS will continue to be plan sustainability supported by a governance structure that is modern and skills-based. MEPCO will keep its members up to date as these priorities emerge, seeking input and providing direction that reflects the realities of municipal employers. MEPCO ensures that OMERS understands municipal employers' priorities. Ensuring the OMERS Plan is sustainable, affordable and meaningful is a priority for MEPCO and for AMO.
2020 Work Plan focuses on support for municipalities and members
MEPCO’s Board approved its 2020 Work Plan this month. The Work Plan outlines how MEPCO will focus on providing support for employer municipalities as well as AMO’s representatives on the OMERS Sponsors Corporation (SC) and Administration Corporation (AC) Boards in the year ahead, specific to OMERS' work on plan sustainability and governance. The development of a communications strategy is one of the key aims of the 2020 Work Plan, with the intention of engaging MEPCO members and strengthening relationships with partners and stakeholders. The Work Plan commits to supporting employer municipalities' influence through supporting AMO SC representatives as the SC Board works on its future OMERS Plan design and governance reform. The full 2020 MEPCO Work Plan can be viewed online.
MEPCO approves 2018 Annual Report for release
Also at the December MEPCO Board meeting, the 2018 Annual Report was approved and is now available to view online at the AMO website. The report looks back at the OMERS Comprehensive Plan Review (CPR) of 2018, a key focus for MEPCO in 2018 and 2019. MEPCO supported changes that were not fully approved. The decision not to approve the changes was disappointing. The Annual Report reaffirms the position that sustainability of the OMERS Plan remains a priority for MEPCO. The Board continues to call for common sense changes that would improve Plan health. All Plan sponsors are responsible for sustainability, and MEPCO believes in the importance of working together to protect the Plan’s long-term sustainability for both employees and employers.
Highlights of the December 2019 MEPCO meeting include:
- Board received an update from OMERS SC & AC Directors, with information shared on strategy progress, investment, asset liability, government relations and pension services
- Afshin Majidi delivered the Secretary-Treasurer’s Report and a 2019 Membership Report
- MEPCO 2018 Annual Report and 2020 Work Plan agreed by Board
- 2020 MEPCO Board meeting dates were set for March 16, May 11, September 14 and December 7