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Summary Of MROO Advocacy 2012

Summary Of MROO Advocacy 2012. Protecting the Pensions and Enhancing the Quality of Life for all OMERS Pensioners. Protecting the Pensions and enhancing the Quality of Life for all OMERS Pensioners. MROO’s ADVOCACY PRIORITIES OMERS governance and sustainability

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Summary Of MROO Advocacy 2012

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  1. Summary Of MROO Advocacy 2012 Protecting the Pensions and Enhancing the Quality of Life for all OMERS Pensioners

  2. Protecting the Pensions and enhancing the Quality of Life for all OMERS Pensioners MROO’s ADVOCACY PRIORITIES OMERSgovernance and sustainability Retirement Income - public programs Seniors’ Independent Living – public policies and programs for home care and community support

  3. MROO Advocacy Summary – 2012 Protecting the Pensions and Enhancing the Quality of Life for all OMERS Pensioners OMERS Governance Review Province appoints Inquiry Officer MROO says at least 1 retiree rep on each OMERS Bd Retirees made 30% of contributions Allow “Main Street”reps”, not just Bay Street direct sponsor appointments to AC Board

  4. MROO Advocacy Summary – 2012 Protecting the Pensions and Enhancing the Quality of Life for all OMERS Pensioners OMERS Admin Corp Retiree Rep 3-year term expiring MROO re-nominated current retiree repRichard Faber, MROO Vice-President

  5. MROO Advocacy Summary – 2012 Protecting the Pensions and Enhancing the Quality of Life for all OMERS Pensioners Ontario Budget 2012 Proposed regulation: no contribution rate increases for Jointly Sponsored Plans MROO says we understand taxpayers’ issue However, OMERS should be exempted No need: OMERS already has a plan in place to deal with actuarial deficit without further contribution rate increases

  6. MROO Advocacy Summary – 2012 Protecting the Pensions and Enhancing the Quality of Life for all OMERS Pensioners Ontario Budget 2012 Consolidate investment function for small public sector funds MROO says No new Provincial Investment agency needed Small funds should contract with OMERS and/or other large public pension funds

  7. MROO Advocacy Summary – 2012 Protecting the Pensions and Enhancing the Quality of Life for all OMERS Pensioners Partial Pensions/Phased Retirement New legislation would permit partial pensions in transition to full retirement MROO says: OMERS, please investigate partial pension options, provided they create no net liability to OMERS fund

  8. MROO Advocacy Summary – 2012 Protecting the Pensions and Enhancing the Quality of Life for all OMERS Pensioners OMERS’ ability to offer RRIF-like AVCs New legislation would permit OMERS to offer RRIF investment option for retired members after age 71 MROO says: Province, speed it up, so that OMERS can offer to invest members’ RRIFs, in addition to members’ RRSPs

  9. MROO Advocacy Summary – 2012 Protecting the Pensions and Enhancing the Quality of Life for all OMERS Pensioners CANADA PENSION PLAN Fed/Prov discussions on adequacy, security of retirement income MROO says: - expand Canada Pension Plan - 40% career earnings up to YMPE - phased in, but accelerate for baby boom

  10. MROO Advocacy Summary – 2012 Protecting the Pensions and Enhancing the Quality of Life for all OMERS Pensioners POOLED REGISTERED PENSION PLANS Fed Gov’t introduces PRPP concept (non-employment DC Plans) MROO says: - Ineffective if voluntary and no employer contribution - Cap their investment management costs - Let OMERS offer them - expand Canada Pension Plan at same time

  11. MROO Advocacy Summary – 2012 Protecting the Pensions and Enhancing the Quality of Life for all OMERS Pensioners OLD AGE SECURITY Fed Gov’t moves age to 67, phased in from 2023 to 2029 MROO says: - ineffective: baby boom mostly through by then - unnecessary: costs drop after baby boom passes away - unfair: hurts those with lower-incomes and poor health

  12. MROO Advocacy Summary – 2012 Protecting the Pensions and Enhancing the Quality of Life for all OMERS Pensioners OLD AGE SECURITY Fed Gov’t provides option to age 70 MROO says: - good idea: optional - OAS increases if taken after 65(up to age 70)

  13. MROO Advocacy Summary – 2012 Protecting the Pensions and Enhancing the Quality of Life for all OMERS Pensioners Steelworkers vs INDALEX at Supreme Court of Canada MROO supports - Canadian Federation of Pensioners’ intervention at Supreme Court - Defends the proposition that companies have a duty of trust to pensioners as well as to shareholders

  14. MROO Advocacy Summary – 2012 Protecting the Pensions and Enhancing the Quality of Life for all OMERS Pensioners ONTARIO SENIORS CARE STRATEGY 2012 budget emphasis on home care, chronic care, community supports MROO says: - good idea: overdue - Ensure seniors with chronic or critical issues have a “navigator” - Better care coordination in system - Concern about funding for other parts of the system

  15. MROO Advocacy Summary – 2012 Protecting the Pensions and Enhancing the Quality of Life for all OMERS Pensioners SENIORS DRIVERS LICENSING Some jurisdictions have conditional licenses based on medical opinion MROO says: - concern about unsafe drivers of any age - supports CanDrive research into capabilities of older drivers - Better info for doctors and MTO

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