April 27th, 2017 – Read the letter from Fred Hahn regarding the OMERS Sponsors Corporation proposal to modify inflation indexing.

 

NOTE: This campaign has been suspended as the Board has moved away from the original plan to vote on Modified Inflation Indexing at their June meeting.

 

The OMERS Sponsors Corporation (SC) is currently considering a plan to modify the 100%, guaranteed indexing benefit that exists in the OMERS plan text. CUPE Ontario members, who are also members of the OMERS Pension Plan, are letting the Board of the OMERS SC know how important the guarantee of 100% indexing is for their pension plan. Send a letter today and let the Board know how important guaranteed indexing at OMERS is to your retirement income security.

 


 

Marianne Love
Co-Chair, OMERS Sponsors Corporation
One University Ave., Suite 400
Toronto, ON   M5J 2P1

And

Frank Ramagnano
Co-Chair, OMERS Sponsors Corporation
One University Ave., Suite 400
Toronto, ON   M5J 2P1

Dear Sponsors Corporation Chairs,

I am a member of the OMERS pension plan and am writing to express my concern that the OMERS Sponsors Corporation (SC) is considering a proposal to modify the current, 100%, guaranteed indexing benefit that exists in the plan text.

The guarantee of 100% indexing is a critical feature of my pension plan that greatly increases my income security in retirement.  As one of the lower paid members of the plan, my pension will be modest but I know the 100% indexing benefit — currently guaranteed in the OMERS plan text — will protect it from being eroded by inflation in the future.

Guaranteed, 100% indexing is a key benefit of being an OMERS plan member. It is one of the features of our pension plan that makes us proud as members and one that I have been willing to contribute more to my pension to guarantee.

I know the current proposal to modify the 100% guarantee is only for some future, “what if”, financial crisis scenario that may never come.  However, I strongly believe that if the tool of reducing or eliminating 100% guaranteed indexing is available, there will be a strong push, by some, to use it.

In planning for my retirement, I need to know what benefits will be there for me, now and in the future. Any attempt to erode the 100% guaranteed indexing for some future, “what if” scenario, puts my own retirement planning in jeopardy.

As the Chairs of the OMERS SC, I wanted to make sure you knew how important the 100% indexing benefit, guaranteed in the plan text of my pension plan, was to me as you considered this proposal. I hope you will do the right thing and vote to continue, unaltered, that benefit.

Sincerely,
Your name
Your email address

 

cc:  Paul Harrietha, SC Representatives; John Weatherup, Tim Maguire, Dan Axford, Paul Bailey, Diana Clarke, Sandra Sahli, Frederick Biro, Barry Brown, Charlie Macaluso, Mary McConville, Pete Derochie, Joe Pennachetti