If the Sponsors Corporation has not passed a by-law under subsection (1) on or before the day that is the first anniversary of the day that subsection 32 (1) comes into force, the composition of the Administration Corporation is as Council. By: IE Staff; February 26, 2007 February 26, 2007; 11:20; Share Facebook LinkedIn Twitter Mail to a fried Print. Supplementary decision-making mechanisms are established with respect to specified types of decisions concerning the OMERS pension plans. (2)  Despite subsection 26 (1), a decision of the Sponsors Corporation to pass a by-law under subsection (1) requires an affirmative vote of two-thirds of its members. – The Western Kentucky University softball team’s sixth inning rally fell short as the Hilltoppers were defeated, 3-1, to 25th-ranked Pension giant looks to increase presence in private equities. Any retirement compensation arrangements that provide benefits to members or former 3. 2. (4)  Subsection 13 (2) of the Act is amended by striking out " of the Pension Plans. (5)  The Sponsors Corporation shall meet if a majority of its members requests a meeting for the purpose of dealing with an emergency. Every day, get the financial news that matters in your inbox. Newcom Media Inc. We use cookies to make your website experience better. (3)  A person who is a member of the Sponsors Corporation is not eligible to hold office as a member of the Administration Corporation or to be appointed to any committee established for the purpose of advising the Administration 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 of the Sponsors Corporation. of a majority of its members, refer the matter for arbitration. Real estate investment income in 2006 significantly exceeded the previous year primarily as a result of gains on sales of properties and favourable market value appreciation in the year, particularly in the office portfolio in the cities of Edmonton, Calgary and Vancouver.OMERS provides retirement benefits to approximately 372,000 members on behalf of over 900 local government employers across the province. (2)  The following employees of an associated employer are eligible to be members of the OMERS pension plans: 1. benefit. (2)  The term of office of a member described in subsection (1) expires immediately before the first anniversary of the day on which subsection 32 (1) comes into force. Sponsors Corporation. 21 (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 as certified by the auditor. 40. Any optional pension benefit for members of the primary pension plan which includes an annual One person is to be representative of the Ontario Association of Police Services Boards. (1)  Subsections 276 (1) and (2) of the Municipal Act, 2001 are repealed. One person to be chosen by the Ontario Association of Police Services Boards. (4)  The three persons referred to in paragraph 9 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 credited service of less than four years. 3. (7)  The money in the fund may be spent for the purpose described in subsection (1) and for no other purpose. substituting in each case "Ontario Municipal Employees Retirement System Act, 2005". The pension benefit payable to members under circumstances described in paragraph 4 shall begin to be paid not more than 10 years before the member's normal retirement age. (2)  Words and expressions used in this Act that relate to pension plans and pension funds have the same meaning as under the Pension Benefits Act, unless the context requires otherwise. 15. (1)  Subsections 276 (1) and (2) of the Municipal Act, 2001 are repealed. Subsection 23 (3) of the GO Transit Act, 2001 is amended by striking out "shall be deemed to be an employer under the Ontario Municipal Employees Retirement System Act" (4)  The Corporations Act and the Corporations Information Act do not apply to the Administration Corporation. (a) make decisions about the design of the OMERS pension plans and make amendments to the OMERS pension plans; (b) set contribution rates under the pension plans; (c) decide whether to file a valuation more frequently than is required under the Pension Benefits Act; (d) receive reports from the Administration Corporation. 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 (1)  On the day on which subsection 22 (1) comes into force, the Sponsors Corporation is composed of 14 persons to be appointed by the Lieutenant Governor in An annual benefit accrual rate that is 2.33 per cent for members under the supplemental plan. (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. News. The composition of the Sponsors Corporation is as determined under section 36 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 the replacement is to be chosen on an alternating basis by the associations. proposal for mediation. (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 not the primary pension plan. less than four years. Subsections 23 (2) and 33 (3) and sections 36 to 43 are repealed on December 31, 2009. 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 Employer Participation (1)  Subsection 5 (6) of the Niagara Escarpment Planning and Development Act is amended by striking out "and may designate the chair as an employee and the Commission as an employer for (1)  If, under a supplemental plan, a municipality or local board may provide an optional pension benefit for its employees in respect of which the annual benefit accrual rate is greater than 2.0 per The Ontario Municipal Employees Retirement System Act, 2006 is enacted, replacing the Ontario Municipal Employees Retirement System Act. The transitional arrangements are set out in sections 36 and 37 and 41 to 43. iii. (2)  Despite subsection (1), the Sponsors Corporation may amend any of the OMERS pension plans to authorize unequal amounts of contributions to be made by employers and employees for one or more years if, (a) after the amendment, the contribution rates for employers and employees for each class of benefit under the OMERS pension plans are equal; and. Subscribe. (7)  Clause 66 (6) (a) of the Act is amended by striking out " Two committees are established to advise the Sponsors Corporation about benefits for OMERS pension plan members, one 2. (3)  Section 132 (conflict of interest), subsection 134 (1) (standard of care) and section 136 (indemnification) of the Business Corporations Act apply, with necessary modifications, to the Sponsors Corporation and its 3. 4. The Sponsors Corporation may determine the wording. Its objects, powers and duties are described in sections 34 to 37 of the Act. Under that section, a restriction is imposed on amendments to the primary pension plan. is composed of the following persons to be chosen in the manner indicated: 5. plans. is repeated until a person is chosen. Annual Performance Report 2010 1. Two committees are established to advise the Sponsors Corporation about benefits for OMERS pension plan members, one respecting benefits for members who are employed in the police and fire sectors and the other respecting benefits for members 2003-2004. 5. OMERS 2019 Results. When a person's term of office expires, the Sponsors Corporation shall invite the organization that is the next-largest at the time the replacement person is required to choose the person. The Administration Corporation considers that a change to any of the OMERS pension plans is necessary or appropriate to improve the funding of the plan. A meeting of the Sponsors Corporation is called under section 42 for the purpose of considering a specified change. (15)  A person appointed as a mediator under subsection (5) or (6) in respect of a matter may also be appointed as arbitrator with respect to the same, or a related, matter. The Sponsors Corporation may amend the OMERS pension plans, including the contribution rates for employees, subject to the restrictions set out in this Act. Corporation. 3. 7. (3.1)  The person referred to in paragraph 6.1 of subsection (1) is to be chosen by the Canadian Union of Public Employees (Ontario), Local 79 and his or her replacement is to be chosen by the Canadian Union of Public Employees One person to be chosen by the Police Association of Ontario. The Ontario Municipal Employees’ Retirement System (OMERS) serves a total active and retired membership of over 360,000 and nearly 900 employers.. OSSTF/FEESO represents nearly 11,000 OMERS contributors and has a permanent seat on the Sponsorship Corporation. 4. Three persons are to be representative of the Canadian Union of Public Employees (Ontario). Section 14 governs the actuary's determination of the contribution rate to the The Sponsors Corporation ii. 2. (3)  The Sponsors Corporation may enter into an agreement described in subsection (1) only if the Administration Corporation has agreed to act as an agent of the administrator of the pension plan or has agreed to manage the pension 2. 4. pension plan or to manage a pension fund for such a pension plan. Two persons to be appointed by the Lieutenant Governor in Council. (1)  On the day on which subsection 32 (1) comes into force, the Administration Corporation is composed of the following members: 1. Two persons to be chosen by the Canadian Union of Public Employees (Ontario). An association of the officials or employees of municipalities or local boards. (4)  The proposal is automatically referred for mediation if it is neither accepted, with or without amendments, nor rejected within the 30-day period. (1)  A committee is established for the purpose of advising the Sponsors Corporation about benefits for OMERS pension plan members who are not employed in the police and fire sectors and the committee 56. (1)  A corporation to be known in English as the OMERS Sponsors Corporation and in French as Société de promotion d'OMERS is established as a corporation without share capital and is composed Under that section, a restriction is imposed on amendments to the primary pension plan. 2) is amended by striking out "Ontario Municipal Employees Retirement System Act" wherever it appears and One person to be chosen by the Ontario Catholic School Trustees' Association. The pension benefits payable to members under circumstances described in paragraph 2 shall begin to be paid not more than 10 years before the member's normal retirement age. Subsection 7 (4) of the Municipal Property Assessment Corporation Act, 1997 is repealed and the following substituted: 52. For the legislative history of these Acts, see Public Statutes - Detailed Legislative History on purpose, the transferee shall be deemed to be a local board for the purposes of that Act. 4. The pension plan was established by a municipality or local board under a general or special Act and was in effect on the applicable date described in paragraph 4. 3. 39. To advise and assist the Sponsors Corporation. 37. Corporation. The chief executive officer shall prepare a list of five persons who are willing to act as mediator. 2006 Annual Report (PDF) 2005 Annual Report (PDF) 2004 Annual Report (PDF) 2003 Annual Report (PDF) 2002 Annual Report (PDF) French reports. (9)  If a person appointed under subsection (2) ceases to hold office before his or her term of office expires, the person or organization that chooses the members of the Administration Corporation under the paragraph of subsection Currently, those terms and conditions are established by regulation. 2002-2003. OMERS pension plans each year and to express an opinion on the financial statements for the pension plans based on the audit. (1)  On the day on which subsection 32 (1) comes into force, the terms of office of the persons who hold office as members of the Ontario Municipal Employees Retirement Board immediately before that day (7)  Clause 66 (6) (a) of the Act is amended by striking out " (3)  The two persons referred to in paragraph 4 of subsection (1) are to be chosen as follows by those employers who are not members of an organization described in paragraph 1 or 3 of subsection (1) or in subsection (2): (4)  The two persons referred to in paragraph 8 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 The member referred to in paragraph 6 of subsection (1) shall have three votes. (2)  Despite subsection (1), the composition of the Sponsors Corporation is determined as follows for the following periods of time: 1. Section 15 provides for a reserve to stabilize contribution rates. One person is to be representative of members of the OMERS pension plans who are paramedics represented for collective bargaining purposes by the Canadian Union of Public Employees (Ontario) or the Ontario Public Service Employees Union. 2005–2006 Annual Report Florida Fish and Wildlife Conservation Commission. var CurrentYear = new Date().getFullYear() (3)  The committee is discontinued when the Sponsors Corporation passes the first by-law under subsection 23 (1). For over 50 years, OMERS has provided its members with sustainable, affordable and meaningful pensions. (4)  The assets of the plan or fund may be invested together with the assets of the pension fund for the primary pension plan, and the return on the assets that are invested under the agreement is to be determined in accordance with 2006, c. 2, s. 20. One person who is representative of other members of the OMERS pension plans, to be chosen in accordance with subsection (4). (c) the establishment of, or a change to, a reserve to stabilize contribution rates. compensation arrangements that provide benefits to members and former members of the primary pension plan and may, for the purpose of preparing the consolidation. 14. the purpose of the Ontario Municipal Employees Retirement System Act". One person to be chosen by the Ontario Secondary School Teachers' Federation. January 16, 2006 (All 382 Municipal Governments that are OMERS Employers Should Read this Alert Immediately) Issue: Response to Minister Gerretsen’s December 20th letter to Heads of Council and AMO letter to Northumberland Today. 31. 3. The payment of pension benefits to members of the supplemental plan in which the annual amount of pension is not reduced because a member retires before the member's normal retirement age of 60 years if, at the date of retirement, the sum of (3)  Words and expressions used in this Act that relate to municipal matters have the same meaning as under the Municipal Act, 2001, unless the context requires otherwise. "specified change" has the same meaning as in subsection 26 (2). 2. (4)  Subsection 276 (6) of the Act is amended by adding at the end "other than pensions provided under the Ontario Municipal Employees Retirement System Act, 2005". (6)  The corporation shall be deemed to be a local board for the purposes of the Ontario Municipal Employees Retirement System Act, 2005 but section 7 of that Act does not apply with respect to the corporation and its Under the new Act, the terms and conditions of any of the plans may be changed by the Sponsors Corporation. Administration Corporation; (b) provide for the actuarial valuation of the OMERS pension plans, including determining the actuarial methods and assumptions and the funding policy for the plans; (c) provide reasonable technical support to the Sponsors Corporation, including, without limitation, providing actuarial advice and cost estimates, estimates of the impact of changes to the OMERS pension plans or other changes on contribution (2)  The Administration Corporation shall give the Sponsors Corporation such information as the Sponsors Corporation may reasonably request for the purpose of carrying out its objects under this Act. ("régime complémentaire"). The OMERS Sponsors Corporation is established by section 22 of the new Act. 2. TransformingEastLondon. include the power to make decisions about the design of the OMERS pension plans and the power to set the contribution rates under the plans. This step is repeated when replacement persons are Your employer will submit your financial details to OMERS for 2020 beginning January 1, 2021, after which your Pension Report will be generated. (11)  The Sponsors Corporation may decide by an affirmative vote of two-thirds of its members to accept the proposal, with or without amendments, or may decide by an affirmative vote of a majority of its members to reject it. (1)  Section 9 of the City of Toronto Act, 1997 (No. 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' pensionable service on or after the date on which the Access portfolio reporting and more from PSP Investments. At the meeting, a member of the Sponsors Corporation makes a proposal in writing for a specified change or for no change. 38. A benefit described in paragraph 7 of subsection (3). (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. Initial composition of the Sponsors Corporation. 6. 4. the member's age, counted in full and part years, plus the member's service, counted in full and part years, equals at least 85 years. Subsection 178 (1) of the Education Act is amended by striking out "Ontario Municipal Employees Retirement System Act" and substituting "Ontario Municipal (a) a benefit described in paragraph 1 of subsection (3); (b) the benefits described in paragraphs 2 and 4 of subsection (3); (c) a benefit described in paragraph 6 of subsection (3); or. The Sponsors Corporation shall invite the largest organization to choose the first person and the second-largest organization to choose the second person, all within the period specified by the Sponsors Corporation. 57. (1)  Despite any other Act, a municipality or a local board shall not make a contribution for the provision of a pension to any of its eligible employees unless the contribution is made under the 2. He or she shall choose as mediator one of the persons identified as a preferred candidate. (6)  Members of the Administration Corporation are to be paid such remuneration and expenses as may be authorized by by-law of the Sponsors Corporation. By The … The Administration Corporation shall make inquiries to determine what organizations, if any, represent any of the applicable members of the OMERS pension plans and to determine how many of those members each organization represents. EconStor ist ein Publikationsserver für wirtschaftswissenschaftliche Fachliteratur und wird von der ZBW – Leibniz-Informationszentrum Wirtschaft als öffentliche Informationsinfrastruktur betrieben. (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. Corporation. 2016 Annual Report 1 MB. Annual Report 2006. 2. (1)  If, under a supplemental plan, a municipality or local board may provide an optional pension benefit for its employees in respect of which the annual benefit accrual rate is greater than 2.0 per 2. each appointment is being made. (1)  A committee is established for the purpose of advising the Sponsors Corporation about benefits for OMERS pension plan members who are employed in the police and fire sectors and the committee is (2)  This section is repealed on the third anniversary of the day this section comes into force. members. Retirement System Act, 2005". The benefits described in paragraphs 2 and 4 of subsection (3). The Administration Corporation shall make inquiries to determine what organizations, if any, represent any of the former members of the OMERS pension plans and to determine how many former members each organization represents. 24. The arbitrator shall not make a decision to increase benefits under the pension plans which would result in a total increase in any three-year period to the required contribution rate of more than 0.5 per cent of the pensionable earnings of 9. or the Canada Pension Plan for the provision of a pension to any of their eligible employees. 3. The payment of pension benefits to members of the supplemental plan in which the annual amount of pension is not reduced because a member retires before the member's normal retirement age of 65 years if, at the date of retirement, the sum of Retirement System. 3. If the organization fails to choose a person within the specified period, the Sponsors Corporation shall invite the next-largest organization to choose the person within the period specified by the Sponsors Corporation. 3. modifications. (1)  The Sponsors Corporation may, by by-law, require the employers who participate in an OMERS pension plan and the members of an OMERS pension plan to pay a fee for the purpose of funding any of the The advice of the Administration Corporation to the Sponsors Corporation and to the arbitrator concerning the cost of the specified change. Currently, those terms and conditions are established by regulation. Ontario Municipal Employees Retirement System Act 38. composed of eight persons to be appointed by the Sponsors Corporation. document.write(CurrentYear) (1)  The Ontario Municipal Employees Retirement Board is continued as a corporation without share capital under the name OMERS Administration Corporation and in French as Société One person who is representative of the Canadian Union of Public Employees (Ontario), Locals 79 and 416, to be chosen in accordance with subsection (4). The pension plan that is governed by the current Act is continued as the primary pension plan. Section 15 provides for a reserve to stabilize contribution rates. The pension plan that is governed by the current Act is continued as the primary pension plan. Two persons who are representative of the other participating employers, to be chosen in accordance with subsection (4). 36. (2)  Despite subsection (1), a municipality or local board may make a contribution under another pension plan for the provision of a pension to an eligible employee if all of the following circumstances exist: 1. board can make to the OMERS pension plan. 6. (4)  The Sponsors Corporation may ask the Administration Corporation to collect the fees on its behalf and remit them to the Sponsors Corporation at the times and in the manner specified by the Sponsors Corporation. (2)  The Sponsors Corporation shall meet after the Administration Corporation gives the Sponsors Corporation the preliminary results of the most recent triennial valuation of the OMERS pension plans required under section 14 of At a meeting called for the purpose of considering the matter, the Sponsors Corporation decides to make the specified change and passes a by-law providing for the change or the Sponsors Corporation decides not to make the specified (4)  Subsection 276 (6) of the Act is amended by adding at the end "other than pensions provided under the Ontario Municipal Employees Retirement System Act, 2006". (4)  The term of office of each member of the Sponsors Corporation is as determined by by-law. 33. Niagara Escarpment Planning and Development Act. 2. The Sponsors Corporation may require the Administration Corporation to reimburse it from any pension or other fund for costs that may be paid lawfully out of the fund and may impose a fee on employers and members of the OMERS pension plans to Under the new Act, the terms and conditions of any of the plans may be changed by the Sponsors Corporation. Let clients know about available assistance, Here’s a summary of the feds' Covid-19 economic response, The package includes a $300-per-week jobless benefit and a $600 direct payment to most Americans, The regulator alleges that the founders diverted money raised for the fund to other purposes, The industry has standardized its LTA practices, The process would ideally expedite resolution of claims, The Canadian economy remains about 4% below where it was pre-pandemic, However, winners and losers may emerge, the rating agency says. Two persons to be chosen by the Canadian Union of Public Employees (Ontario). (1)  If, under a supplemental plan, a municipality or local board may provide an optional pension benefit for its employees in respect of which the annual benefit accrual rate is greater than 2.0 per Transitional arrangements are made respecting the composition of the Sponsors Corporation and the Administration Corporation and respecting the circumstances in which the Sponsors Corporation is required to meet. (9)  The members of the Sponsors Corporation shall have voting rights as follows: 40. (5)  The Sponsors Corporation shall reimburse the Administration Corporation for its costs of complying with a request under subsection (4). (3)  The Administration Corporation is not a party to the agreement but is required to comply with it. The contribution is made in respect of the employee's service before he or she becomes entitled to be a member of the primary pension plan. One person who is representative of former members of the OMERS pension plans, to be chosen in accordance with subsection (5). Sections 9 to 15 set out restrictions on the terms and conditions of the OMERS pension plans. organizations that are corporations are eligible to participate in the process described in this subsection. Active members will receive their Pension Report any time between January 1 and June 30, 2021. Annual Report. substituting in each case "Ontario Municipal Employees Retirement System Act, 2006". (a) the member is employed by an employer participating in the OMERS pension plans who has consented to provide the benefit; (b) the member makes the election within 24 months after the date the employer consented to provide the benefit; and. (1)  This section applies until the Sponsors Corporation passes a by-law governing the circumstances in which it is required to meet. " and substituting " ". 4. 9. First Name Last Name. For a contribution made under a collective agreement, the applicable date is the earlier of July 1, 1968 or the date on which the agreement is terminated. and governance of the OMERS pension plans. 30. (4)  A person who is a member of the Sponsors Corporation is not eligible to hold office as a member of the Administration Corporation or to be appointed to any committee established for the purpose of advising the Administration 2006, c. 2, s. 21 (1). (5)  Members of the Administration Corporation are to be paid such remuneration and expenses as may be authorized by by-law of the Sponsors Corporation. Quarterly Results; Annual Reports; Proxy Statements; SEC Filings; Analyst Coverage; Presentations & Documents; Annual Reports 2019 Annual Report 1.4 MB. 2005 (8)  Despite subsection 33 (5) and subsection (7) of this section, each of the first members of the Administration Corporation appointed under subsection (2) shall be appointed to hold office for a period, not to exceed three years, Private Investments. "Ontario Municipal Employees Retirement System Act, 2005". after receiving the request, the Sponsors Corporation shall refer the matter for arbitration. (b) the only reason that the total amount of the contributions payable by the employer does not equal the total amount of the contributions payable by the employer's employees is because one or more employees made contributions to a © Sign In. Sponsors Corporation passes a by-law under subsection (1), whichever is earlier. Subsection 7 (4) of the Municipal Property Assessment Corporation Act, 1997 is repealed and the following substituted: (4)  The Corporation shall be deemed to be a local board for the purposes of the Ontario Municipal Employees Retirement System Act, 2006 but section 7 of that Act does not apply with respect to the Corporation and its At a meeting called for the purpose of considering the matter, the Sponsors Corporation decides to refer the matter for consideration under the supplementary decision-making mechanisms described in subsection (4) or (5) and, using those employer's employees. 45.1  (1)  The Lieutenant Governor in Council may make regulations governing the establishment and terms and conditions of supplemental plans for the purposes of section 4, including. 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