CANADA - The Association of Municipalities of Ontario (AMO) claimed Bill 206 has fundamentally changed the organisation's role in the C$41bn Ontario Municipal Employees' Retirement System (OMERS).
The Bill established new governance structures for the fund - the OMERS Sponsors Corporation and the OMERS Administration Corporation - and the AMO has now assumed a representative role on both.
“With the passage of Bill 206, the government has fundamentally changed the role of AMO,” the organisation said in a release. “In addition to its advocacy mandate, AMO now has a representative role in two major corporations.”
The OMERS Sponsors Corporation was designed by the government to conduct interest negotiations between employer and employee groups, and will deal with matters including plan design and structure, types of pensions, and OMERS contribution rates.
The AMO is also legislated to appoint representatives to the OMERS Administration Corporation, which is responsible for investment decisions and conducting plan valuations for the fund, and for administering the OMERS benefit programme.
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