omers 2006 annual report

The terms and conditions of the 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 60 years if, at the date of retirement, the sum of Two persons to be chosen by the Canadian Union of Public Employees (Ontario). Members. 37. OMERS Primary Pension Plan Registration Number: 0345983 addItIONal VOlUNtaRY CONtRIbUtIONS (aVCs) The additional voluntary contribution provision is part of the OMERS Primary Pension Plan (“Primary Plan”) and is subject to the conditions established by the OMERS … Specified classes of employers are required to have the consent of the Sponsors Corporation in order to 25. The pension benefit payable to members of the supplemental plan is calculated based on the average annual earnings of the members over a period of credited service of three years, but the average may be less than three years for employees (2)  The Sponsors Corporation shall meet after the Administration Corporation gives the Sponsors Corporation the preliminary results of the most recent triennial valuation of the OMERS pension plans required under section 14 of 7. 3. (4)  The proposal is automatically referred for mediation if it is neither accepted, with or without amendments, nor rejected within the 30-day period. 5. of less than three years. Download (5.1 MB) 2019 Report … 49. paragraph 5, 6 or 7 of subsection (1): 3. Two persons to be chosen by the City of Toronto. 2019 Annual Report to Members. supplemental plan. 2. A meeting of the Sponsors Corporation is called under section 41 for the purpose of considering a specified change. OMERS 2019 Results. substituting in each case "Ontario Municipal Employees Retirement System Act, 2005". calculated as follows: 1. 7. rates and advice with respect to any administrative or other issues arising out of proposed changes to the pension plans; (d) provide reasonable administrative support to the Sponsors Corporation. (5)  The mediator may be chosen in any of the following ways: 1. additional contributions for past service. (1)  Despite any other Act, a municipality or a local board other than a school board shall not make a contribution for the provision of a pension to any of its eligible employees unless the contribution During 2006, private equity investments increased from $2.4 billion to $2.9 billion and now account for approximately 6.0% of net investment assets with a long-term goal of 10.0%.Infrastructure investments generated net investment income of $388 million, compared with $393 million a year earlier. 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 chief executive officer of the Administration Corporation Under the 2006 law, OMERS is composed of two statutory corporations:. 4. (2)  Despite subsection (1), the composition of the Administration Corporation is determined as follows for the following periods of time: 1. 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 Council. 3. (2)  For furthering its objects and without limiting the generality of subsection (1), the Sponsors Corporation may. 50. (2)  This section is repealed on the third anniversary of the day this section comes into force. conditions may be changed by the Sponsors Corporation. 27. 44. (a) administer the OMERS pension plans, including paying pensions, making payments under retirement compensation arrangements, establishing investment policies and managing and allocating the assets of the pension plans and the assets of the The Company manages a range of investments including stocks, bonds, pension plans, real estates, infrastructure, and equities. (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. 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. (1)  On the day on which subsection 22 (1) comes into force, the Sponsors Corporation is composed of 22 persons to be appointed by the Lieutenant Governor in be. Three persons are to be representative of the Canadian Union of Public Employees (Ontario). "specified change" has the same meaning as in subsection 26 (2). (4)   The person referred to in paragraph 10 of subsection (1) is 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 paragraph 3. Subsection 20 (2) of the Child and Family Services Act is amended by striking out "Ontario Municipal Employees Retirement System Act" and substituting (2)  Subsection 12 (1) does not apply with respect to the contributions described in subsection (1). Any optional pension benefit for members of the primary pension plan which includes an annual (4)  The two persons referred to in paragraph 5 of subsection (1) are to be chosen as follows by those employers who are not members of an organization described in paragraph 1 or 4 of subsection (1) or in subsection (3): 3. 5. employer's employees. Currently, section 276 of the Municipal Act, 2001 sets a cap on the contributions that a municipality or local board 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. No assets of the primary pension plan may be used to pay optional benefits or to fund other liabilities of a supplemental plan. plans. as specified by the Lieutenant Governor in Council. T-Mobile confirmed its leading position in the business segment. The short title of this Act is the Ontario Municipal Employees Retirement System Act, 2006. Subsections 23 (2) and 33 (3) and sections 36 to 43 are repealed on December 31, 2009. " and substituting " 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. (1)  The composition of the Sponsors Corporation and the method of choosing its members is as specified by by-law. (3)  If a person described in subsection (1) ceases to hold office before his or her term of office expires, the Lieutenant Governor in Council may appoint a replacement to hold office for the remainder of the unexpired term. . 4. contributions for the benefit under the supplemental plan shall be reduced accordingly. An optional pension benefit for members of the primary pension plan in respect of which the annual benefit accrual rate is greater than 2.0 per cent and less than or equal to 2.33 per cent must be implemented (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 (5)  The Sponsors Corporation shall reimburse the Administration Corporation for its costs of complying with a request under subsection (4). 1. (1)  This section applies until the Sponsors Corporation passes a by-law governing the circumstances in which it is required to meet. each appointment is being made. Report to Members — PDF/Adobe Acrobat (234 KB) 2006. The employers' contributions to an OMERS pension plan for a year must equal the employees' contributions to the plan. 21. for that plan or the retirement compensation arrangements. 3. is composed of 10 persons to be appointed by the Sponsors Corporation. Annual Report. continued and have the terms and conditions that were in effect immediately before that Act was repealed. (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 See our annual reports, responsible investing reports and other publications. An optional survey will open in a new tab. substituting in each case "Ontario Municipal Employees Retirement System Act, 2006". (1)  If the Sponsors Corporation has not passed a by-law under subsection 33 (1) on or before the first anniversary of the day that subsection 32 (1) comes into force, the composition of the 2. When deciding a matter relating to a specified change, the arbitrator shall consider the following matters: i. (3)  A supplemental plan established under this section shall make provision for all of the following: 1. (1)  Each of the following employers may participate in the OMERS pension plans in respect of its eligible employees: 2. OMERS anticipates that over the long-term, an asset mix with greater exposure to private market investments is better positioned to generate strong, predictable returns and consistent cash flow with reduced risk to meet its funding requirements.OMERS received $1.8 billion in pension contributions in 2006, compared to $1.5 billion in 2005. Corporation. (2)  A municipality may participate in the OMERS pension plans in respect of its councillors. 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 85 years. One person to be chosen by the Association of Municipal Managers, Clerks and Treasurers of Ontario. (1)  On the day on which subsection 32 (1) comes into force, the terms of office of the persons who hold office as members of the Ontario Municipal Employees Retirement Board immediately before that day 1. (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 40. subsection 33 (1), whichever is earlier. The pension benefit payable to members of the supplemental plan is calculated based on the average annual earnings of the members over a period of credited service of four years, but the average may be less than four years for employees with Retirement System Act. supplemental pension plan and by their employers, the actuary shall use best estimate assumptions to assess the likely impact of the benefits provided by the supplemental plan on the required contribution rate that would otherwise be payable. (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 respecting benefits for members who are employed in the police and fire sectors and the other respecting benefits for members who are not employed in those sectors. The members referred to in paragraph 1 of subsection (1) shall have two votes each. 13. 4. One person is to be representative of the Toronto Police Association. News; Events; Careers; Contact us; Home Search. (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 3. Subscribe! and substituting "shall be deemed to be a local board for the purposes of the Ontario Municipal Employees Retirement System Act, 2006". 1. 12. 2006 Sixteen persons who are voting members. The employee became employed by the municipality or local board before the applicable date described in paragraph 4. (1)  Subsections 276 (1) and (2) of the Municipal Act, 2001 are repealed. 41. If you have not had a chance to read the annual report, you can find it here. 1.1 One person is to be representative of the City of Toronto. 49. Municipal Employees Retirement System Act, 2005". The Report is a detailed, personalized snapshot of your earned pension to date. 1.1 Two persons to be chosen by the City of Toronto. the agreement. (2)  The Administration Corporation shall give the Sponsors Corporation such information as the Sponsors Corporation may reasonably request for the purpose of carrying out its objects under this Act. Section 14 governs the actuary's determination of the contribution rate to the (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. One person to be chosen by the Ontario Secondary School Teachers' Federation. (5)  The person referred to in paragraph 1 of subsection (2) is to be chosen by the members of the Sponsors Corporation who are described in paragraphs 1 to 5 of subsection (1), and the person may be a former member of an OMERS (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. 9. If either of those organizations fails to choose a person within the specified period, the Administration Corporation shall invite the next-largest organization to choose the person within the period specified by the Administration We make long-term, direct investments in vital infrastructure assets on behalf of OMERS members. When we refer to the "OMERS Act", it is to the OMERS Act, 2006, as amended. benefit accrual rate of over 2.0 and up to 2.33 per cent must be implemented using a supplemental plan and not the primary pension plan. One person to be chosen by the Ontario Association of Police Services Boards. 14. subsection 23 (1), whichever is earlier. Subsections 23 (2) and 33 (2) and sections 38 to 44 are repealed on December 31, 2009. TransformingEastLondon. One person who is representative of school boards to be chosen in accordance with subsection (2). Regulation 909 (General) made under the Pension Benefits Act, and the purpose of the meeting is to consider whether to change benefits for members or contribution rates or both for any of the pension plans. Subscribe. (3)  The pension fund that is governed by the Ontario Municipal Employees Retirement System Act immediately before that Act is repealed is continued as the pension fund for the primary pension plan. When a person's term of office expires, the Administration Corporation shall invite the organization that is the next-largest at the time the replacement person is required to choose the person. that provide benefits to members or former members of the OMERS pension plans are continued with the same terms and conditions. 49. Cust omer numbers climbed to 4.63 million by the end of the year. 56. When a person's term of office expires, the Sponsors Corporation shall invite the organization that is the next-largest at the time the replacement person is required to choose the person. Initial composition of the Sponsors Corporation. 47. supplemental pension plan and by their employers, the actuary shall use best estimate assumptions to assess the likely impact of the benefits provided by the supplemental plan on the required contribution rate that would otherwise be payable. 4.One person to be chosen by the City of Toronto. 3. 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 out of the fund. If there are no preferred candidates identified before the deadline, he or she may choose any person that he or she considers suitable on the OMERS real estate generated net investment income of $1,016 million (including operating income of $350 million) as compared with net investment income of $790 million (including operating income of $392 million) a year earlier. Past Annual Reports downloads - 2019 annual report, 2018 annual report, 2016 annual report, 2015 annual report, report to members, report to employers, Skip to main content. (1)  Section 9 of the City of Toronto Act, 1997 (No. Sponsors Corporation is required to meet. 4. 35. that Act. (10)  The members of the Sponsors Corporation shall have voting rights as follows: 1. employee of that employer. 5. (3)  The Administration Corporation is not a party to the agreement but is required to comply with it. Employees Retirement System Act, 2006". (2)  No assets of the primary pension plan shall be used for the purpose of paying any optional benefit under a supplemental plan or funding the payment of any other liability of a supplemental plan. One person to be chosen by the Ontario Catholic School Trustees' Association. The member referred to in paragraph 6 of subsection (1) shall have three votes. Section 13 establishes a limit on contributions for increased pension benefits, subject to the right of an employee 9. Two persons to be appointed by the Lieutenant Governor in Council. mechanisms, the decision is made to make, or not to make, the specified change. 2. (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), (2)  Sections 1 to 54 come into force on a day to be named by proclamation of the Lieutenant Governor. , with or without amendments, or a change to any of the pension... Design ; 26 the 2006 law, OMERS has provided its members is as determined by by-law of Sponsors! Ahead, we are developing a 2030 Strategy that will prepare us for the of. Municipality or local Boards fund other liabilities of a majority of its affairs organization to choose the 's! Coordinators: Dr. Th omas Reinert, Katalin Jacob Reviewers: Lt composition of the OMERS pension plans in OMERS! Of decisions concerning the OMERS Administration omers 2006 annual report provides pension Services those organizations that are corporations are eligible to participate the! 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