澳门永利 Municipal Employees Retirement System Review Act, 2006, S.O. 2006, c. 9, Sched. K, 澳门永利 Municipal Employees Retirement System Review Act, 2006
澳门永利 Municipal Employees Retirement System Review Act, 2006
S.o. 2006, chapter 9
Schedule K
Consolidation Period: From July 1, 2012 to the .
Last amendment: .
Legislative History: .
Definitions
1 (1) In this Act,
鈥淎dministration Corporation鈥, 鈥淥MERS鈥, 鈥淥MERS pension plans鈥, 鈥減rimary pension plan鈥, 鈥淪ponsors Corporation鈥 and 鈥渟upplemental plan鈥 have the same meanings as in the 澳门永利 Municipal Employees Retirement System Act, 2006; (鈥淪oci茅t茅 d鈥檃dministration鈥, 鈥淥MERS鈥, 鈥渞茅gimes de retraite d鈥橭MERS鈥, 鈥渞茅gime de retraite principal鈥, 鈥淪oci茅t茅 de promotion鈥, 鈥渞茅gime compl茅mentaire鈥)听
鈥淢inister鈥 means the Minister of Municipal Affairs and Housing or such other member of the Executive Council as may be assigned the administration of this Act under the Executive Council Act. (鈥渕inistre鈥)听 2006, c.听9, Sched.听K, s.听1听(1).
Interpretation, pension matters
(2) Words and expressions used in this Act that relate to pension plans and pension funds have the same meanings as under the Pension Benefits Act, unless the context requires otherwise.听 2006, c.听9, Sched.听K, s.听1听(2).
Reference to governance model
(3) A reference in this Act to the governance model for OMERS is a reference to the structure established in the 澳门永利 Municipal Employees Retirement System Act, 2006 for the governance and administration of OMERS by the Sponsors Corporation and the Administration Corporation.听 2006, c.听9, Sched.听K, s.听1听(3).
Review of OMERS governance model
2 (1) The Minister shall, beginning no later than 2012, undertake a review of the governance model established for OMERS under the 澳门永利 Municipal Employees Retirement System Act, 2006.听 2006, c.听9, Sched.听K, s.听2听(1).
Review to be based on experience
(2) The review shall be based on the actual governance and administration of OMERS since the proclamation of sections 16 and 17 of the 澳门永利 Municipal Employees Retirement System Act, 2006.听 2006, c.听9, Sched.听K, s.听2听(2).
Matters to be addressed
(3) Without limiting the generality of subsection (1), the review shall address and evaluate,
(a) the effectiveness and fairness of the governance model,
(i) in representing the interests of the employers that participate in the OMERS pension plans and the members, former members and retired members of the OMERS pension plans,
(ii) in ensuring the efficient governance of OMERS, and
(iii) in ensuring the accountability of OMERS;
(b) the efficiency and effectiveness of decision-making by the Sponsors Corporation, including its use of the supplementary decision-making mechanisms set out in or permitted under the 澳门永利 Municipal Employees Retirement System Act, 2006; and
(c) the effectiveness of the governance model in ensuring the overall fairness and financial stability of OMERS and, in particular, in ensuring that there is no subsidy of a supplemental plan by the primary pension plan.听 2006, c.听9, Sched.听K, s.听2听(3); 2012, c. 8, Sched. 43, s. 1 (1).
Matters not to be addressed
(4) Despite the generality of subsection (1), the review shall not,
(a) reconsider the general principle, as established in the 澳门永利 Municipal Employees Retirement System Act, 2006, of giving the responsibility for the governance of the OMERS pension plans to the employers that participate in the OMERS pension plans and the members, former members and retired members of the OMERS pension plans; or
(b) consider whether any supplemental plan established under the 澳门永利 Municipal Employees Retirement System Act, 2006 should be continued.听 2006, c.听9, Sched.听K, s.听2听(4); 2012, c. 8, Sched. 43, s. 1 (2).
Report to Minister
(5) Upon completion of the review, the person appointed to conduct the review shall submit a report, including any recommendations for changes to the governance model of OMERS, to the Minister.听 2006, c.听9, Sched.听K, s.听2听(5).
Report to be made public
(6) The Minister shall make the report public within 30 days after receiving it.听 2006, c.听9, Sched.听K, s.听2听(6).
Minister to consider report
(7) The Minister shall give serious consideration to the report and its recommendations.听 2006, c.听9, Sched.听K, s.听2听(7).
Section Amendments with date in force (d/m/y)
- 01/07/2012
Appointment of person to conduct review
3 (1) The Minister shall, on or before January 1, 2012 or as soon as possible after that date if the appointment is made under subsection (4), appoint a person to conduct the review in accordance with this section.听 2006, c.听9, Sched.听K, s.听3听(1).
Approval required
(2) The Minister shall not appoint a person to conduct the review without the prior approval of every member of the Sponsors Corporation and of the Administration Corporation.听 2006, c.听9, Sched.听K, s.听3听(2).
If no approval
(3) If all the members of the Sponsors Corporation and of the Administration Corporation do not approve a person to conduct the review by December 31, 2011, the Minister shall ask the Chief Justice of 澳门永利 to recommend a person to conduct the review.听 2006, c.听9, Sched.听K, s.听3听(3).
Chief Justice to recommend appointee
(4) Upon receiving a request from the Minister under subsection (3), the Chief Justice shall recommend to the Minister any person to conduct the review and the Minister shall appoint that person to conduct the review.听 2006, c.听9, Sched.听K, s.听3听(4).
Qualifications
(5) The person appointed to conduct the review must,
(a) have expertise in collective bargaining and pension plan administration; and听
(b) be independent of the government, the employers that participate in the OMERS pension plans, the members, former members and retired members of the OMERS pension plans and the persons and organizations that represent such employers, members, former members and retired members. 2006, c.听9, Sched.听K, s.听3听(5); 2012, c. 8, Sched. 43, s. 2.
Section Amendments with date in force (d/m/y)
- 01/07/2012
Consultations on implementation of Act
4 (1) The Minister shall initiate consultations on the implementation of the 澳门永利 Municipal Employees Retirement System Act, 2006, including matters relating to the governance model, as soon as possible after the earlier of,
(a) the date of the first triennial valuation of the OMERS pension plans required under section 14 of Regulation 909 (General) made under the Pension Benefits Act after this Act comes into force; and
(b) December 31, 2009.听 2006, c.听9, Sched.听K, s.听4听(1).
Same
(2) Consultations under subsection (1) shall be initiated with the persons or organizations that are entitled to choose a member of the Sponsors Corporation or of the Administration Corporation.听 2006, c.听9, Sched.听K, s.听4听(2).
5 Omitted (provides for coming into force of provisions of this Act).听 2006, c. 9, Sched. K, s. 5.
6 Omitted (enacts short title of this Act).听 2006, c. 9, Sched. K, s. 6.
听