As a member of one of Canada’s largest defined benefits pension plans, the Ontario Municipal Employees Retirement System (OMERS), we wanted you to be aware of some potential changes they may be making. Please note, SEIU Healthcare does not control any decisions or actions of the OMERS Sponsors Corporation.
The OMERS Sponsors Corporation is considering taking away full guaranteed annual indexing for the OMERS Pension Plan. This means that your retirement income will lose its value as you age. Consider that the value of $30,000 a year today will certainly be significantly less twenty years from now.
Your Pension Plan is currently something to be proud of, as it boasts $95 Billion in Net Assets. However, this potential change could result in you receiving only a modest pension in your retirement.
WE URGE YOU TO SEND OMERS A MESSAGE:
Dear Sponsors Corporation Board of Directors and CEO,
I am one of 482,000 members of the Ontario Municipal Employees Retirement System (OMERS) pension plan and a healthcare worker represented by SEIU Healthcare.
I understand your role is to represent the interests of the members and beneficiaries of the OMERS pension plan. Currently, I am part of a defined benefit pension plan I am proud of and can rely upon to provide me with a decent pension when I retire. This pension plan boasts $95 billion in net assets. In just last year alone, OMERS grew its net assets by $10 billion. Given the high investment returns in recent years, the plan is well on its way to becoming fully funded by 2025 and fully recovered from the 2008 financial crisis.
As it stands, OMERS provides full guaranteed, annual indexing. This means my retirement income will not lose its value as I get older. Recently, I have come to learn that the Sponsors Corporation (SC) is looking to take this away. I already make a modest living as a healthcare worker in Ontario. Because of this, I will earn a modest pension in my retirement. Without guaranteed indexing, what do you think will happen to my spending power as I age? The value of $30,000 a year today will certainly be significantly less twenty years from now.
I’ve recently learned that there are more potential, drastic changes affecting how my pension formula is calculated as well as my early retirement. These changes appear to leave me worse off in the long run.
I ask you to consider the importance of these changes that adversely impact my pension when conducting your comprehensive plan review. You have a legal responsibility to represent the best interests of myself, my co-workers, and retirees alike. I ask the SC to vote against any changes that adversely affect my retirement benefits.
Don’t make me lose the pride I have in being a part of the OMERS Pension Plan.
OMERS Pension Plan Member