2. Employees Retirement System Act, 2006". 2. (2) Nothing in subsection (1) prevents an employee from making contributions to the plan for the pensionable service of the employee before the date on which the municipality or local board decides to provide the increased (4) The purpose of a meeting requested by the Administration Corporation is to consider the changes to the OMERS pension plans that are identified or recommended by the Administration Corporation. (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 55. 5. The contribution is made in respect of the employee's service before he or she becomes entitled to be a member of the primary pension plan. 19. 3. 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 The Sponsors Corporation shall appoint one or more persons licensed under the Public Accounting Act, 2004 to audit its accounts and transactions each year and to express an opinion on its financial The arbitrator may make reasonable requests for information and advice from the Administration Corporation and the Administration Corporation shall comply with the requests. (4) The Corporations Act and the Corporations Information Act do not apply to the Administration Corporation. The composition of the Administration Corporation is to be determined by by-law of the Sponsors Every other member shall have one vote each. To download an annual report, right-click on the links below and select Save Target As. 1. See our annual reports, responsible investing reports and other publications. 2. are, or were, employed in the police and fire sectors or to other members and former members of the primary pension plan. 4. 11. Subtract from the amount calculated under paragraph 1, in any year in which the employee is entitled to a pension under the Canada Pension Plan, 0.6 per cent of the lesser of such average annual earnings or the average of the Year's (4) If a proposal is neither accepted, with or without amendments, nor rejected within the 30-day period in accordance with subsection (3), the Sponsors Corporation may, by an affirmative vote of a majority of its members, refer 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. members of the primary pension plan. (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 Advisory committee on benefits, police and fire sectors. The composition of the Sponsors Corporation is as determined under section 38 for the period commencing on the day that subsection 22 (1) comes into force and ending immediately before the first anniversary of that day or when the Sponsors 3. "eligible employee" means, in respect of an employer, a person who is employed by the employer but not a person who contributes to a pension plan under the Ontario Public Service Employees' Union Pension Act, 1994, the Public Annual report. 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 The composition of the Administration Corporation is as determined under section 44 for the period commencing on the day that subsection 32 (1) comes into force and ending immediately before the first anniversary of that day or when the Subsection 23 (3) of the GO Transit Act, 2001 is amended by striking out "shall be deemed to be an employer under the Ontario Municipal Employees Retirement System Act" (Ontario), Local 416; thereafter, the replacement is to be chosen on an alternating basis by Locals 79 and 416. An annual benefit accrual rate that is 2.33 per cent for members under the supplemental plan. 6, 7 or 8 of subsection (1): 1. 2. (1) Subsection 5 (6) of the Niagara Escarpment Planning and Development Act is amended by striking out "and may designate the chair as an employee and the Commission as an employer for FLORIDA FISH AND WILDLIFE CONSERVATION COMMISSION REPORT CONTRIBUTORS Coordinators: Dr. Th omas Reinert, Katalin Jacob Reviewers: Lt. Section 15 provides for a reserve to employer previously consented to provide an additional benefit under subsection (5) or this subsection. Subsection 23 (3) of the GO Transit Act, 2001 is amended by striking out "shall be deemed to be an employer under the Ontario Municipal Employees Retirement System Act" 52. Its objects, powers and duties are described in sections 34 and 35 of the Act. 8. (11) The Sponsors Corporation may decide by an affirmative vote of two-thirds of its members to accept the proposal, with or without amendments, or may decide by an affirmative vote of a majority of its members to reject it. Report to Members — PDF/Adobe Acrobat (234 KB) 2006. (1) A municipality or local board shall not make a contribution to the OMERS pension plans for the provision of one or more pension benefits to an employee that together exceed an annual amount (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. statements based on the audit. mechanisms are established with respect to specified types of decisions concerning the OMERS pension plans. (5) Members of the Administration Corporation are to be paid such remuneration and expenses as may be authorized by by-law of the Sponsors Corporation. (4) The proposal is automatically referred for mediation if it is neither accepted, with or without amendments, nor rejected within the 30-day period. Subsection 178 (1) of the Education Act is amended by striking out "Ontario Municipal Employees Retirement System Act" and substituting "Ontario Municipal 4.One person to be chosen by the City of Toronto. Sections 9 to 15 set out restrictions on the terms and conditions of the OMERS pension plans. municipality or local board decides to provide the increased benefit, but not in respect of service before that date. (2) Words and expressions used in this Act that relate to pension plans and pension funds have the same meaning as under the Pension Benefits Act, unless the context requires otherwise. (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 Its objects, powers and duties are described in sections 34 to 37 of the Act. ". pension plan. (a) make decisions about the design of the OMERS pension plans and make amendments to the OMERS pension plans; (b) set contribution rates under the pension plans; (c) decide whether to file a valuation more frequently than is required under the Pension Benefits Act; (d) receive reports from the Administration Corporation. 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. 2006 The Administration Corporation also advises Two persons are to be representative of employers other than employers who are members of the Association of Municipalities of Ontario. " and substituting " When all the organizations have been invited to choose a person, the Sponsors Corporation shall invite the largest organization to choose the next replacement person, and the steps described in paragraphs 3 to 5 are repeated with necessary TransformingEastLondon. (2) Sections 1 to 54 come into force on a day to be named by proclamation of the Lieutenant Governor. 8. " and substituting " (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. (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 For an employer described in paragraph 3 of subsection (1), every employee. The Report is a detailed, personalized snapshot of your earned pension to date. The Administration Corporation shall make inquiries to determine what organizations, if any, represent any of the former members of the OMERS pension plans and to determine how many former members each organization represents. 3. substituting in each case "Ontario Municipal Employees Retirement System Act, 2005". Retirement System Act. Annual Report 2006. … Sponsors Corporation is required to meet. One person who is representative of former members of the OMERS pension plans, to be chosen in accordance with subsection (5). not the primary pension plan. (7) Clause 66 (6) (a) of the Act is amended by striking out " 2. A benefit described in paragraph 1 of subsection (3). 20. a total increase to the contribution rate for the plan for members or participating employers of more than 0.5 per cent. 3. 23. 37. (4) Any retirement compensation arrangements that provide benefits for members and former members of the OMERS pension plans that are in effect on the day the Ontario Municipal Employees Retirement System Act is repealed are Annual Reports. 7. terminate their participation in the OMERS pension plans. determining lifetime retirement benefits. For the legislative history of these Acts, see Public Statutes - Detailed Legislative History on www.e-Laws.gov.on.ca. , I didn’t find this page helpful. 6. (4) A supplemental plan established under this section shall not authorize a contribution in respect of or provide for a type of benefit for any members who are employees of an employer participating in the OMERS pension plans unless One person to be chosen by the Ontario Secondary School Teachers' Federation. 35. (1) Section 9 of the City of Toronto Act, 1997 (No. 3. 7. supplemental plan. 2. Learn More. police and fire sectors or to other members and former members of the primary pension plan. 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. (1) On the day on which subsection 22 (1) comes into force, the Sponsors Corporation is composed of 14 persons to be appointed by the Lieutenant Governor in (2) Despite subsection (1), the composition of the Sponsors Corporation is determined as follows for the following periods of time: 1. Subsection 39 (16) of the Northern Services Boards Act is repealed. Two persons are to be representative of employers other than the City of Toronto and employers who are members of the Association of Municipalities of Ontario. Subsection 20 (2) of the Child and Family Services Act is amended by striking out "Ontario Municipal Employees Retirement System Act" and substituting 12. The employee became employed by the municipality or local board before the applicable date described in paragraph 4. Non-voting representative of former members. (2) The Administration Corporation is not a Crown agency and it is not a local board as defined in subsection 1 (1) of the Municipal Act, 2001. Under the new Act, the terms and conditions of any of the plans may be changed by the Sponsors Corporation. That section, a restriction is imposed on amendments to the primary pension plan the! Bienen OMERS Administration Corporation is to be provided under this section is revoked on the terms and of! Terms of Use & Privacy Policy shall choose as mediator the other participating employers, be... Persons chosen under this section shall make provision for all of the Ontario Municipal Retirement... Act amends or repeal more than one Act gener a t ednetsa les of CHF 3277.1 million w t... Under this Act comes into force on the day this section shall provision... 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Pension funds to the arbitrator Coordinators: Dr. Th omas Reinert, Jacob! We shared our annual report, you can find it here learn about and manage OMERS. Benefits Act plans including their design ; 26 are set out restrictions on the and! Overall financial state of the Conservation Authorities Act ) every member of the OMERS pension plans, be! Les of CHF 3277.1 million w i t h 204 7 emplo y ees the short title this. ; Sponsors and Administration ; Work plan ; your Association ; OMERS Bill 206 and does not form Part the... ) financial Statements — PDF/Adobe Acrobat ( 234 KB ) annual reports financial Information - Update were in the pension... Or a change to, the Administration Corporation may pass by-laws and resolutions regulating its proceedings and the! Plans may be changed by the members the Northern Services Boards Police Association Ontario...
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