Unifor has been made aware of several proposed by-law amendments that seek to remove workers’ representatives from the jointly-sponsored OMERS pension plan.
OMERS has survived because of the equal representation of union and employer representatives on the board. The amendments at issue seek to overturn that balance, putting the very future of the plan at risk.
The proposed amendments will only pass with majority support of the Sponsors Corporation Board. Unifor is not a sponsoring union, but know that your union deeply opposes this brazen attack on workers’ rights, and will do everything in our power to defend democracy at OMERS.
Today, employee representatives hold 50% of voting seats on the board. If labour remains united, then we can defend retirees and defeat or defer this vote.
If these by-law amendments are adopted, then unions would no longer be able to appoint representatives, undermining the very foundation of a jointly-sponsored governance model. This could open up plan members and retirees to attacks on benefits, indexation, and much more.
The amendments were announced less than 3 weeks ago. Unifor still does not have the full text of the changes, and our union was not consulted at any stage of the process.
OMERS is a strong, well-funded plan that is a beacon of fairness at a time when corporate greed has targeted and destroyed defined benefit pension plans across the country.