This past summer, OMERS members proposed cutting the basic pension formula from 2% of final average pay down to 1.85%.
Though that seems like a modest reduction in percentage terms, the cut would have marked one of the most significant decreases in several years within the pension industry, says Fred Vettese, chief actuary of Morneau Shepell.
OMERS dropped the idea, but Vettese predicts it hasn’t yet been taken off the table. Read more.
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