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OMERS looking at indexing as part of plan review

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Peter Kennedy:

My understanding is that a comprehensive plan review was requested by the sponsors corporation, of which CUPE members are represented. I agree that a comprehensive plan review is required on occasion in order to assess plan assumptions and whether a correction in those assumptions may require amendments to the level of benefits provided for or premiums paid in order to deliver on the pension promise. When such a review comes out with proposed amendments, I believe it to be premature, inappropriate and ill-advised to draw conclusions prior to those amendments undergoing in-depth scrutiny and healthy debate from those appointed to do just that. I can appreciate the plan’s rebound and applaud the SC Board for their past actions, but I believe this was not a long-term strategy, but just one to address short-term issues. A long-term strategy, as would be associated with a comprehensive plan review, will ensure the benefits for decades of workers and not just those who are currently in the workforce or retired. This is the mandate of the plan’s governance and I don’t believe sticking one’s head in the sand, jumping to negative conclusions, and hoping for the best will serve the plan members or contributors in the best possible way.

Wednesday, June 06 at 10:37 pm | Reply

Patrick McIntyre:

Isn’t Omer’s in this predicament because past Provincial Governments removed the ability to carry a surplus within pension funds? Would it not be possible to re-introduce legislation to allow surpluses to be carried, to ensure that funds are available during leaner times? As a union member I am looking for my leadership to put pressure on our government to ensure we have the indexing provision to ensure the retirement we have planned for.

Thursday, July 05 at 10:16 am | Reply

Donald Barkey:

I’ve been an OMERS member since 1976 and on pension since 2010. The reason I retired as early as I did was due to the indexation guarantee OMERS offered annually! If OMERS now reneges on the indexation guarantee to its pensioners that is not even required in order to meet its future financial obligations, where is the fairness to those of us who retired when we did with the understanding indexed pensions were guaranteed?

Saturday, November 10 at 5:54 pm | Reply