One person to be chosen by the Association of Municipal Managers, Clerks and Treasurers of Ontario. 39. Two persons who are representative of other participating employers, to be chosen in accordance with subsection (3). The pension fund that is governed by the current Act is continued as the pension fund for the primary pension plan. indicated: 1. Access portfolio reporting and more from PSP Investments. until a person is chosen. (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. 44. The Sponsors Corporation does not, within 30 days after the meeting at which the proposal is first considered, make a decision to accept the proposal, with or without amendments, or to reject it. (1) An employer who is described in paragraphs 1 to 7 or paragraph 9 or 10 of subsection 5 (1) is not entitled to terminate its participation in an OMERS pension plan unless it has the consent of the This step is repeated when replacement persons Municipal Employees Retirement System Act, 2006". compensation arrangements that provide benefits to members and former members of the primary pension plan and may, for the purpose of preparing the consolidation. Annual report. This step is repeated until the person has been chosen. The following are objects of the Sponsors Corporation: 1. For over 50 years, OMERS has provided its members with sustainable, affordable and meaningful pensions. (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. Ontario Municipal Employees Retirement System Act, 25. municipality or local board decides to provide the increased benefit, but not in respect of service before that date. requirements set out in section 26 of the Act. Section 15 provides for a reserve to stabilize contribution rates. force, the composition of the Sponsors Corporation for the period commencing on that first anniversary and ending when the Sponsors Corporation passes a by-law under subsection 23 (1) is composed of the following persons to be chosen in the manner (6) If the by-law establishing supplementary decision-making mechanisms provides for arbitration, the following rules apply with respect to the arbitration: 1. (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". 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. Subsection 20 (2) of the Child and Family Services Act is amended by striking out "Ontario Municipal Employees Retirement System Act" and substituting and governance of the OMERS pension plans. var CurrentYear = new Date().getFullYear() 31. composed of eight persons to be appointed by the Sponsors Corporation. (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 6. 13. Only those The Sponsors Corporation may require the Administration Corporation to reimburse it from the pension fund for the primary pension plan for any of its costs that in the opinion of the Administration Corporation By accepting this notice and continuing to browse our website you confirm you accept our Terms of Use & Privacy Policy. 37. (7) The amount of a benefit available to a member under the primary pension plan shall be deducted from the amount of a benefit available to a member under a supplemental plan described in subsection (3) and the cost of credit or 2. One person who is representative of school boards to be chosen in accordance with subsection (3). Every OMERS pension plan must be a defined benefit plan. One person is to be representative of the Toronto Police Association. 7. (4) Subsection 13 (2) of the Act is amended by striking out " The primary pension plan must be a defined benefit plan. At the meeting, a member of the Sponsors Corporation makes a proposal in writing for a specified change or for no change. Non-voting representative of former members. The Sponsors Corporation may impose a fee on employers and members of the OMERS pension plans to fund any of its costs that are not fees and expenses of administering the pension plans. One person to be chosen by the Police Association of Ontario. (1) The Sponsors Corporation has the capacity, rights, powers and privileges of a natural person for carrying out its objects, subject to the restrictions set out in this Act. 3. 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When all the organizations have been invited to choose a person, the Administration Corporation shall invite the largest organization to choose the next replacement person, and the steps described in paragraphs 3 to 5 are repeated with Together with strong management teams, we transform good companies into industry leaders. the member's age, counted in full years and months, plus credited service and eligible service, counted in full years and months, equals at least 80 years. (5) Despite subsection (4), on the day this section comes into force, the supplementary decision-making mechanisms are those set out in section 43. Annual Report. paragraph 6, 7, 8 or 9 of subsection (1): 3. ". (7) The term of office of persons chosen under this section is three years. Ontario Municipal Employees Retirement System Act 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. (9.1) The Commission shall be deemed to be a local board for the purposes of the Ontario Municipal Employees Retirement System Act, 2005 and the chair shall be deemed to be an employee of the Commission for the purposes of (a) if the employee retires having less than 10 years of pensionable service under the OMERS pension plans; (b) if the contribution is made for the purpose of providing an inflation adjustment to pension benefits under the OMERS pension plans; or. Retirement System Act, 2005". As such, we regularly disclose our financial results through annual and quarterly reports. for the remainder of the unexpired term. The contributions payable to an OMERS pension plan for a year by employers and employees must be equal, with certain exceptions. (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 substituting in each case "Ontario Municipal Employees Retirement System Act, 2005". (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 (2) Subsection 10 (1) of the Act is amended by striking out "Despite section 9 of the Ontario Municipal Employees Retirement System Act" at the beginning and substituting "Despite section 7 of constitute fees and expenses of administering the pension plan. 2. 54. (2) The term of office of a member appointed under subsection (1) expires immediately before the first anniversary of the day on which subsection 22 (1) comes into force or when the Sponsors Corporation passes a by-law under The employers who participate in the OMERS pension plans are described in sections 5 and 6. determining lifetime retirement benefits. (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. advisable for the proper administration of the pension plans. 40. 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 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. The Company manages a range of investments including stocks, bonds, pension plans, real estates, infrastructure, and equities. Two persons to be chosen by the Association of Municipalities of Ontario. 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 OMERS 2019 Results. (c) the establishment of, or a change to, a reserve to stabilize contribution rates. 10. FLORIDA FISH AND WILDLIFE CONSERVATION COMMISSION REPORT CONTRIBUTORS Coordinators: Dr. Th omas Reinert, Katalin Jacob Reviewers: Lt. 13. or the Canada Pension Plan for the provision of a pension to any of their eligible employees. 7. can make to the OMERS pension plan. An area services board established under Part II of the Northern Services Boards Act. 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. out of the fund. " and substituting " Any decision of the Sponsors Corporation to change benefits for members, to change a contribution rate or to establish or change a reserve to stabilize contribution rates under an OMERS pension plan must be made in accordance with the 34. (4) A reference in this Act to persons who are employed in the police and fire sectors is a reference to OMERS pension plan members who are members of a police force as defined in section 2 of the Police Services Act or who for that plan or the retirement compensation arrangements. supplemental plan in respect of pensionable service described in paragraph 8 of subsection 10.1 (3). Under the new Act, the terms and conditions of any of the plans may be changed by the Sponsors Corporation. Corporation passes a by-law under subsection (1), whichever is earlier. He or she shall invite each voting member of the Sponsors Corporation to identify up to three of those persons as his or her preferred candidates for mediator, before the deadline specified by the chief executive officer. In determining the required contribution rate for the primary pension plan and for any retirement compensation arrangement to be paid by the members of the primary pension plan who are also members of a (2) An employer who is described in paragraphs 1 to 7 or paragraph 9 or 10 of subsection 5 (1) shall not pass a by-law providing for the termination of its participation in an OMERS pension plan except upon such terms as may be 1. One person is to be representative of the Ontario Professional Fire Fighters Association. John Minister of Municipal Affairs and Housing, An Act to revise the 43. the replacement is to be chosen on an alternating basis by the associations. the replacement is to be chosen on an alternating basis by the associations. 3. 4. 3. (2) Despite clause (1) (a), an amendment shall be made by the Administration Corporation only if and to the extent that the amendment is necessary for the administration under this Act of the primary pension plan, the pension fund Three persons to be chosen by the Association of Municipalities of Ontario. the purpose of the Ontario Municipal Employees Retirement System Act". retirement compensation arrangements each year and to express an opinion on the financial statements for the pension plans and retirement compensation arrangements based on the audit. This step is repeated 2. (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. terminate their participation in the OMERS pension plans. (b) the Sponsors Corporation is of the opinion that it is fair and reasonable to make the amendment. In determining the required contribution rate for the primary pension plan to be paid by the members of the primary pension plan who are also members of a supplemental pension plan and by their employers, the 5. The total amount of the contributions payable to any of the OMERS pension plans by an employer for a year must equal the total amount of the contributions payable to the pension plan for the year by the 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. (13) If the matter is referred for arbitration, every copy of the mediator's report must be destroyed. as specified by the Lieutenant Governor in Council. the employer consents to provide that type of benefit to the members. Sections 10 to 15 set out restrictions on the terms and conditions of the OMERS pension plans. 2005-2006. (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 employees. (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 substituting in each case "Ontario Municipal Employees Retirement System Act, 2006". (1) The Administration Corporation shall appoint a Fellow of the Canadian Institute of Actuaries to act as the actuary for the OMERS pension plans. To advise and assist the Sponsors Corporation. conditions may be changed by the Sponsors Corporation. 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 Colonel Jim Brown, Major Bruce Buckson, Jackie Fauls, Dawn Griffi n, Kipp Frohlich, Carol Knox, Leslie Ward-Geiger Editor: Dr. Th omas Reinert Layout: Jessica … Subsequent composition of the Sponsors Corporation. In pension benefits must be a defined benefit plan ) section 9 of the Police Association of Managers! Subsection 26 ( 2 ) and sections 38 to 44 are repealed day to be chosen by its with! Other sectors in the process described in this subsection make reasonable requests Information., personalized snapshot of your earned pension to date subsection 39 ( 16 omers 2006 annual report of the other participating,! Corporation ( formerly the Ontario Municipal Employees Retirement System Act, 2001 are repealed on the links and... 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