OMERS at a Glance - CUPE 1348 | Office.Clerical.Technical
OMERS Modified Inflation Indexing (MI2) Proposal OMERS at a Glance Defined benefit pension plan for school board support staff, municipal workers, including police and firefighters & CAS Serves over 461,000 members &
retirees from 1,000 employers across Ontario 119,000 CUPE members constitute 44% of the active plan members OMERS at a Glance Decisions on plan design benefits and contributions - are made by the OMERS Sponsors Corporation (SC) As
OMERS is a jointly-sponsored pension plan (JSPP), representatives of active and retired members have only 50% of the plan voting rights on the SC Employers have the other 50% OMERS Background OMERS in deficit funding position after the 2008 financial crisis
Other pension plans got rid of guaranteed100% inflation indexing Indexing costs $ on the balance sheet get rid of it plan looks better funded Workers side of the SC resisted employer attempts to get rid of the guarantee 50-50 tie defeats proposals Indexing Today At OMERS OMERS plan currently provides full, guaranteed, annual indexing OMERS retirees pensions rise, automatically, to keep up with annual increases in the Consumer
Price Index (CPI) up to 6% This benefit is guaranteed by Pension Benefits Act for retirees and all current members earned service Modified Inflation Indexing Background In December, CUPE Ontario approached by OMERS about a proposal to modify the indexing benefit in OMERS
CUPE Ontarios OMERS Reference Group met with senior staff/leadership of OMERS OMERS presented their Modified Inflation Indexing (MI2) What is Modified Inflation Indexing (MI2)? If passed, it would amend the
OMERS plan text to take the written guarantee of 100% indexing out of the plan text It would set a date in time All years of pension service before then, 100% indexing guaranteed All years of pension service after that, 100% would not be guaranteed What is Modified Inflation Indexing (MI2)? Plan says100% indexing would
still be paid out on your pensions years after it passes Until such time as the SC determined there was a funding problem At that point, 100% indexing could be rolled back or eliminated, on all years of your pension back to the date the MI2 was passed Would require another vote of the Timeline of events for modified inflation indexing and a few important terms
The Next Financial Crisis Date June, 2017 Pre-amendment service (Not affected by modified inflation indexing) Post-amendment service Past service Future service Date #1 (amendment date)
Date #2 Plan is amended to reflect adoption of modified inflation indexing A downside event occurs and deficit funding begins The Board has voted to reduce inflation indexing effective this date
1 Why is this an Issue Now? Plans funded status is improving Got through 2008 financial crisis OMERS says aging plan membership the reason Will pay out more than takes in each year Employers have always wanted to get rid of indexing The Politics The
use only in case of emergency and what if nature of proposal is working on SOME workers reps on the SC If 3 worker side SC reps agrees to adopt with employers, they would have a 2/3 vote to push it through What has CUPE Ontario done Response letter to OMERS Shared that letter with Local Presidents and Secretary
Treasurers in December Outreach to worker side SC Representatives and Sponsor organizations (OSSTF, OPSEU, Firefighters etc.) Going Forward Building a campaign to respond Meeting with allies Explaining to members Mobilizing with members Take Action to let SC know how important 100% guaranteed indexing being in the plan text is
for plan members http://cupe.on.ca/omersguaranteed-100-indexingmatters-members/ Questions and Answers
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