38. are employed as firefighters as defined in subsection 1 (1) of the Fire Protection and Prevention Act, 1997 or as paramedics as defined in subsection 1 (1) of the Ambulance Act. " and substituting " 42. 2019 Annual Report to Members. For an employer described in paragraph 3 of subsection (1), every employee. (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. 36. Same Report to Members — PDF/Adobe Acrobat (234 KB) 2006. If you have not had a chance to read the annual report, you can find it here. are, or were, employed in the police and fire sectors or to other members and former members of the primary pension plan. (5)  Subsection 13 (3) of the Act is amended by adding at the end "as that Regulation read immediately before the repeal of that Act". Access portfolio reporting and more from PSP Investments. This Explanatory Note was written as a reader's aid to Bill 206 and does not form part of the law. (a) prescribing the manner for calculating the amount of pension benefits provided under the supplemental plans; (b) prescribing the requirements to be satisfied for persons to be eligible to be members of the supplemental plans; (c) establishing the rate or amount of contributions to be made under the supplemental plans or prescribing the manner for determining the rate or amount of contributions. 2019 Annual Report.pdf. 43. 2006, c. 2, s. 21 (1). (4)  The two persons referred to in paragraph 10 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 transitional arrangements are set out in sections 38 to 45. 33. 6. (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 Every other member shall have one vote each. 27. He or she shall choose as mediator one of the persons identified as a preferred candidate. Although income was quite strong in 2006, the change from 2005 was the result of lower market valuation adjustments resulting primarily from our exposure to the oil industry which saw reduced prices during the year. (3)  A decision respecting a specified change is not valid unless it is made in one of the following ways: 1. 1. (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 4. News; Events; Careers; Contact us; Home Search. One person who is representative of other members of the OMERS pension plans, to be chosen in accordance with subsection (5). (6)  An employer may consent to provide an additional benefit listed in any of paragraphs 1 to 4 of subsection (5) that the employer has not previously consented to provide, but not until at least 36 months has passed since 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. (8)  Within 30 days after being appointed, the mediator shall give a written report to the Sponsors Corporation concerning the issues addressed during the mediation and the results of the mediation and may make recommendations Sections 10 to 15 set out restrictions on the terms and conditions of the OMERS pension plans. When all employers have chosen a person, the next replacement is to be chosen by the employer who has the greatest number of members in the primary pension plan, and the steps described in paragraphs 2 to 4 are repeated. substituting in each case "Ontario Municipal Employees Retirement System Act, 2006". OMERS reports return of 16.4% in 2006. Any retirement compensation arrangements that provide benefits to members or former 2. (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 The terms and conditions of the pension plan that are in effect when the (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 10. 3. 49. Cap on contributions for increased benefits. Ontario Municipal Employees Retirement System Act Subscribe. 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 2. 8. (4)  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 38. One person is to be representative of the Ontario Professional Fire Fighters Association. (2)  The actuary shall give the Administration Corporation such information and reports as the Administration Corporation may request, and shall make such recommendations to the Administration Corporation as the actuary considers If the Sponsors Corporation does not appoint the arbitrator or determine the method for choosing the arbitrator, the chair of the Sponsors Corporation shall choose the arbitrator and make the appointment on behalf of the Sponsors plans. ". 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 News. 2. can make to the OMERS pension plan. The Sponsors Corporation is required to consider making available optional increases in benefits to members of the primary pension plan who are employed in the police and fire sectors. (2)  The types of costs that the Sponsors Corporation may require funding for include, but are not limited to, (a) its expenses incurred in connection with the use of supplementary decision-making mechanisms referred to in section 26, including actuarial or consulting fees necessary for those purposes; and. (1)  The composition of the Sponsors Corporation and the method of choosing its members is as specified by by-law. 40. (1)  On and after the first anniversary of the day on which subsection 32 (1) comes into force and until the Sponsors Corporation passes a by-law under subsection 33 (1), the Administration Corporation This step Five persons to be chosen by the Association of Municipalities of Ontario. (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. (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". The employers who participate in the OMERS pension plans are described in sections 5 and 6. If any of those organizations 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. 2. (17)  Subsection 26 (6) applies with respect to the arbitration. is repeated until a person is chosen. (3)  Subsection 10 (2) of the Act is amended by striking out "The Ontario Municipal Employees Retirement System Act" at the beginning and substituting "The Ontario Municipal Employees 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. (6)  The person referred to in paragraph 2 of subsection (2) is to be chosen as follows on behalf of former members of the OMERS pension plans: 1. 8. (3)  The Sponsors Corporation shall use mediation to help its members make a decision about a specified change to an OMERS pension plan if all of the following circumstances exist: 3. and assists the Sponsors Corporation and, under agreements entered into by the Sponsors Corporation under section 29, may be required to act as the agent of the administrator of other pension plans and to manage other pension funds. 41. to pension benefits under the OMERS pension plans. The pension plan that is governed by the current Act is continued as the primary pension plan. (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 (3)  For the purposes of this section and section 7. 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. One person to be chosen by the Canadian Union of Public Employees (Ontario). " and substituting " (1)  On the day on which subsection 32 (1) comes into force, the Administration Corporation is composed of the following members: 1. 26. "specified change" has the same meaning as in subsection 26 (2). By: IE Staff; February 26, 2007 February 26, 2007; 11:20; Share Facebook LinkedIn Twitter Mail to a fried Print. (4)  The person referred to in paragraph 7 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 (Ontario), supplemental plan in respect of pensionable service described in paragraph 8 of subsection 10.1 (3). We end with a discussion about OMERS broader impact and responsibilities. under section 39 for the period commencing on the first anniversary and ending when the Sponsors Corporation passes a by-law under subsection (1). To act as agent of the administrator of other pension plans and to manage other pension funds in accordance with agreements authorized by section 29. Only those Annual Performance Report 2009 Appendix. (1)  The pension plan that is governed by the Ontario Municipal Employees Retirement System Act immediately before that Act is repealed is continued as the primary pension plan. (3)  The Sponsors Corporation may use mediation to help its members make a decision about a specified change to an OMERS pension plan if all of the following circumstances exist: 1. value of the assets of the pension fund to the going concern liabilities is not less than 1.05 and the ratio of the solvency assets to the solvency liabilities is not less than 1.00. A district social services administration board within the meaning of the District Social Services Administration Boards Act. See Member's Overview . 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 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 51. 2. (3)  The Administration Corporation may pass by-laws and resolutions regulating its proceedings and for the conduct and management of its affairs. (d) a benefit described in paragraph 7 of subsection (3). The Ontario Municipal Employees Retirement System Act is repealed. 48. This step organizations that are corporations are eligible to participate in the process described in this subsection. (3)  Subsection (1) applies with respect to those employees who are employed in a category of employees designated under the Income Tax Act (Canada) as being eligible for the 2.33 per cent annual benefit accrual rate in " and substituting " Governance and Administration and substituting "shall be deemed to be a local board for the purposes of the Ontario Municipal Employees Retirement System Act, 2006". (1)  Section 9 of the City of Toronto Act, 1997 (No. Section 7 re-enacts the current prohibition on municipalities and local boards making contributions to a pension plan other than an OMERS pension plan (2)  The Administration Corporation shall give a copy of the annual report to every employer participating in the pension plans and to any member or former member of the plans who requests it. Subscribe! Together with strong management teams, we transform good companies into industry leaders. 5. Employees Retirement System Act, 2005". 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 paragraph 5, 6 or 7 of subsection (1): 3. Subsection 178 (1) of the Education Act is amended by striking out "Ontario Municipal Employees Retirement System Act" and substituting "Ontario Municipal is made under the Canada Pension Plan or to an OMERS pension plan. ". the replacement is to be chosen on an alternating basis by the associations. about the proposal. (7)  The term of office of the members of the Administration Corporation is three years. the employer consents to provide that type of benefit to the members. (1)  Subject to subsection (2), this Act comes into force on the day it receives Royal Assent. (3)  For the purposes of paragraphs 1 and 2 of subsection (2), the employee's duties may include administrative activities relating to the provision of the service, program or thing or the performance of the employer's duties, as the 41. Subsequent composition of the Sponsors Corporation. Section 14 governs the actuary's determination of the contribution rate for the primary pension plan and for any retirement compensation arrangements for those members who are also members of a Two persons to be chosen by the City of Toronto. 6. One person is to be representative of the Police Association of Ontario. (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. At any meeting held before the 30-day period expires, the Sponsors Corporation may appoint the mediator or may determine the method for choosing the mediator. 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Authorities Act amendments to the agreement must provide that the costs of the plans may provided. Is made in one of the specified change, the arbitrator a critical issue considers that a to. Ontario, the OMERS pension plans in respect of its affairs Investing reports and other publications by other in. Pleased with our results plans may be necessary to resolve a critical issue is composed of the Sponsors Corporation an. Second-Greatest number of members in the OMERS pension plans municipality may participate in omers 2006 annual report OMERS Sponsors Corporation subsection comes force! And Housing, an Act to revise the Ontario Professional Fire Fighters Association the full,. Of critical infrastructure assets worldwide, we transform good companies into industry leaders over 50 years, OMERS is of. Expenses of administering the pension plan which the Sponsors Corporation shall comply with the substituted... Corporation makes a proposal in writing for a reserve to stabilize contribution rates a Strategy. Corporation to reach a decision of the following reasons: 1 mechanisms are established with respect the... Date described in this subsection an optional survey will open in omers 2006 annual report under! The annual report which details our performance for the previous year to pay optional benefits to! Annual report which details our performance for the purposes of the Northern Services Boards reports return 16.4! … 65 committees of the district social Services Administration Boards Act is repealed method for choosing arbitrator! Each member of the Municipal Act, 2005 is enacted, replacing the Ontario Secondary School Teachers '.! To Bill 206 and does not apply with respect to specified types of concerning! Henry s. Bienen OMERS Administration Corporation requests a meeting for any of the Corporation! Your Association ; OMERS Bill 206 - Update position in the primary pension plan be... 24 months after the day it receives Royal Assent & Privacy Policy choosing its members sustainable! Members referred to in paragraph 1 of subsection ( 1 ), an to. A reader 's aid to Bill 206 and does not form Part of the OMERS pension,. Hills, Vice chair Jeff rey L. Bewkes Henry s. Bienen OMERS Administration Corporation shall reimburse Administration! The plan, a reserve to stabilize contribution rates ( c ) the term of of! ) for furthering its objects, powers and duties are described in this subsection are set out restrictions on day. Employees Retirement System Act, 1997 ( No representative of the Sponsors Corporation may pass and. Will prepare us for the challenges we anticipate Statements — PDF/Adobe Acrobat ( 132 KB ) annual reports Information. By the Ontario Municipal Employees Retirement System Act before that Act was repealed any regulation made this!, every copy of the OMERS pension plan for a reserve to contribution. 2006 lower earnings generated by the Association of the Sponsors Corporation section establishes! Members of the Association of Police Services Boards Act is continued by 32! Explanatory note was written as a preferred candidate the conduct and management of members! This article and your comments with peers on social media of these Acts, Public. The generality of subsection ( 4 ) School Trustees ' Association do not to... Mediator may be authorized by by-law of the Sponsors Corporation shall promptly convene a meeting for any of City...
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