Staff
At a meeting this week, the OMERS Sponsor Corporation (SC) board voted against a proposal by employer members to reduce pension payouts to retiring members.
Under that proposal, the multiplier in the pension formula for earnings above the year’s maximum pensionable earnings would be reduced. Members would also have to had to work for three more years in order to receive a full pension.
Four other proposals were also voted down.
Votes were taken on all five proposals, but none received the requisite two-thirds majority approval.
For any proposal to pass it must receive a two-thirds majority vote of the SC board, which is made up equally of employer and employee representatives.
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