OMERS is studying the draft report by the Canadian Institute of Actuaries indicating that Canadians are living longer.

“We continually monitor and assess factors affecting future pension costs, and we have been aware of potential future changes to the mortality assumptions,” says Jennifer Brown, the organization’s chief pension officer.

She adds that OMERS is studying the draft report to determine if adjustments to its mortality assumptions are required and how and when the resulting changes would affect the funded status of the plan.

OMERS conducts a detailed actuarial valuation every year to assess the long-term financial health of the plan by comparing the value of assets to the estimated cost of pension obligations to members.

To estimate future pension costs, assumptions are made about a number of demographic factors, including mortality and life expectancy.

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Copyright © 2020 Transcontinental Media G.P. Originally published on benefitscanada.com

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