Update: Thank you to everyone who signed the petition. The outcome of the June 24 OMERS SC Board vote on Guaranteed Indexing was not the result your Union wanted for you and your pensions. According to the OMERS site, here is what will happen going forward:
"Shared Risk Indexing
Provides the option for the SC Board, based on its annual assessment of the Plan’s health and viability, to reduce future inflation increases on benefits earned after December 31, 2022.
This change is effective January 1, 2023 and does not affect benefits earned before that date. This means that when you retire, the benefits earned on or before December 31, 2022 will be granted full indexation. Benefits earned on or after January 1, 2023 will be subject to Shared Risk Indexing, meaning that the level of indexation will depend on the SC Board’s annual assessment of the financial health of the Plan."
If you have questions, please contact your Union Representative. You can also visit the OMERS website to see the changes.
Take Action - Petition Closed
They’re at it again.
The OMERS Sponsors Corporation (SC) Board of Directors is barging ahead during a pandemic with a vote to eliminate guaranteed indexing on June 24th; a plan that has already been rejected twice. This, despite tens of thousands of plan participants already demanding that they postpone the vote until after the COVID-19 crisis.
If Worker Representatives stand united, we will defeat this harmful proposal and defend our guaranteed indexing. Let the Worker Representatives know that guaranteed indexing is worth defending and that they need to vote NO to support workers
If it passes, this proposal will eliminate an important and valuable pension benefit for OMERS members. It will mean OMERS members, particularly younger workers, will have less valuable, and less secure pensions in retirement.
Add your name to defend guaranteed indexing and a dignified retirement for all!
Dear OMERS Sponsors Corporation Board Member:
As an OMERS member, I am urging you to vote NO to eliminating my guaranteed indexing.
I have contributed to OMERS throughout my career so that I could rely on my pension and its guaranteed benefits when I retire. That includes guaranteed indexing against inflation.
To learn that your Board is barging ahead with yet another vote to take away this vital benefit, during a global pandemic, is profoundly upsetting. It is also disrespectful of Plan members, especially those working on the front lines of this health crisis.
The voices of OMERS members need to be heard and respected. It is OUR pension plan, and it is your role to represent workers.
If this vote goes ahead on June 24th, please vote no to so-called “Shared Risk Indexing” and protect our guaranteed indexing.
The name “Shared Risk Indexing” is disingenuous. Employers do not share risk in this proposal. Instead, employer risk is shifted on to Plan members like me, who bear the full risk and consequences of cuts to our pension indexing. Cuts that are entirely within your control to prevent now.
We all know the Employer Representatives on the Board have been trying to get rid of our guaranteed indexing for years.
I understand that if the Worker Representatives stand united, we can defeat this harmful proposal.
We need to work together to protect the value and security of OMERS pensions. Please vote NO.