OMERS is one of the country's largest defined-benefit pension plans. At the upcoming meeting of the OMERS Board of Directors, changes to the pension plan will be voted on. Several of these changes have the power to negatively affect plan members and their retirement plans. Your support is needed to tell the board to protect our pension plan.
The letter to the board in the petition outlines the following changes and our reasons for opposing them:
- Limiting early retirement to age 60 and above;
- Replacing the guarantee of indexing retirement benefits with inflation with "conditional indexing" only when the plan is funded above 105%;
- Lowering the plan benefit accrual rates, slowing down the growth of your pension;
- Reducing the real discount rate (used to value the current cost of future pension obligations), despite interest rates in Canada continuing to rise.
In order to protect those nearing retirement and to continue to ensure the maximum retirement benefits for all plan members, we must tell the board to vote NO to these changes.