Whereas the Ontario Municipal Employees Retirement System (OMERS) Pension Fund serves over 1,000 employers and over half a million employees and retirees from diverse groups including: municipal governments, school boards, libraries, police and fire departments, children’s aid societies, and electricity distribution companies; and
Whereas the log-standing jointly-sponsored governance model with two corporate boards has provided stability, accountability, and fairness for both plan members and employers for more than two decades; and
Whereas the Government of Ontario has passed legislative changes to OMERS governance structure through Bill 68; and
Whereas these changes would replace the current OMERS Sponsors Corporation with a new Sponsors Council that would lose its corporate status and independent resources; and
Whereas the proposed model could allow pension decisions affecting municipal employers and employees to be made without meaningful municipal oversight, increasing financial risk for municipalities and local taxpayers; and
Whereas municipalities are already under significant financial strain and cannot absorb additional pension costs without consequences for property taxes or local services;
Now Therefore Be It Resolved That the Township of Brock does not support the legislative changes to the OMERS Act contained in Bill 68 and requests that the Government of Ontario reconsider the advisability of proceeding with these changes; and
That the Council of the Township of Brock supports the Association of Municipalities of Ontario (AMO) in calling on the Government of Ontario to:
1) Ensure sponsors retain full control without restrictions over their appointments to the new Sponsors Council and Administration Corporation; and
2) Guarantee the Sponsors Council’s independence from the plan administrator and access to resources needed to perform its duties; and
3) Limit the Minister’s regulation-making authority over plan design and the Sponsors Council’s internal affairs; and
That this resolution be circulated to the Honourable Rob Flack, Minister of Housing and Municipal Affairs.