Plan Oversight & Management

When surveyed, 93% of OMA members said it was important that a group retirement plan should have a legal duty to act in their best interests. That’s why OMA Insurance was directed to establish the Advantages Retirement Plan™ under a governance and legal structure that puts plan members’ interests first. The structure is similar to that of a large workplace pension plan, that legally requires the plan sponsor and administrator to act in the best interest of beneficiaries.

Investment Committee

OMA Insurance has put together an expert-led Investment Committee that includes physician representation to oversee the investment program for the plan. The Investment Committee reviews the Statement of Investment Policies and Procedures (SIPP), the governing document for the plan’s investment program, on an annual basis, monitors the investment options and annuity products, and provides any recommended changes to OMA Insurance. Current Investment Committee members are:

Bernard Morency (Chair)

Bernard Morency (Chair)

Dr. Paul Healey

Dr. Paul Healey

Dr. Audrey Karlinsky

Dr. Audrey Karlinsky

Bernard Morency (Chair)

Former Global Retirement Practice Leader for Mercer and public pension fund Executive Vice President

Mr. Morency is a member of International Centre for Pension Management (ICPM) Board of Directors. He is a Senior Fellow of the C.D. Howe and Global Risk Institute. He is also an Adjunct Professor at HEC Montréal where he collaborates with the Retirement and Savings Institute.

He was with La Caisse de dépôt et placement du Québec (AUM of $300B+) from December 2007 to June 2017 where he was Executive Vice-President, Depositors, Strategy and Chief Operations Officer. He sat on the Executive and the Investment and Risk Committees. He oversaw relations between La Caisse and its depositors, including their strategic asset allocation, and managed the development and implementation of the Institution's three years strategic plan.

Prior to this, Mr. Morency worked at Mercer for over 30 years. He occupied a variety of leadership roles including Global Retirement Practice Leader, EVP responsible for Mercer’s Retirement, Benefits, Investment and Outsourcing businesses worldwide and President of Mercer Health & Benefits. He was a member of Mercer's global executive teams.

Mr. Morency currently serves on the Board of Directors of Desjardins General Insurance Group. He is a Fellow of the Canadian Institute of Actuaries and chairs the Institute’s Public Affairs Council. He also served as a member of the Expert committee on the future of the Québec retirement system and was closely involved with the legislative changes that followed.

Dr. Paul Healey

Emergency Physician - Oakville Trafalgar Memorial Hospital

Assistant Clinical Professor - McMaster University

Founder of “Physician Financial Independence (Canada)” online community

Physician Financial Wellness speaker

Dr. Paul Healey has been practicing medicine since 2001 and is an Assistant Clinical Professor at McMaster University. In 2009, he completed the Advanced Health Leadership Program at the University of Toronto Rotman School of Management.

He has an interest in evidence-based investing approaches and has managed his own investment portfolio since early in practice. He and his wife, Dr. Jane Healey, are the founders of Physician Financial Independence (Canada), an online community dedicated to helping physicians with financial matters. The group has over 15,000 members across Canada and is a forum where financial topics are discussed free of industry bias.

Dr. Healey is a strong advocate for physicians making informed financial decisions to maximize happiness and decrease physician burnout. He and his wife are frequently invited to speak to physician groups across Canada.

Dr. Audrey Karlinsky

Family Physician Bedford FHO

Staff Physician Mount Sinai and Women’s College Hospitals - Toronto

Assistant Professor, Department of Family and Community Medicine - University of Toronto

Dr. Audrey Karlinsky has been practicing Family Medicine in Toronto since 1986. Vice-Chair of the OMA Finance and Audit Committee, Dr. Karlinsky is a strong advocate for member interests and physician wellness at all stages. She is committed to mentorship and preceptorship in medicine as highlighted:

• 33 years as a clinician/teacher for Family Medicine residents and undergraduates with awards for teaching

• Long term Admissions Reviewer, University of Toronto Faculty of Medicine

• Long term Admissions Reviewer, Family Medicine Residency Program at U of T

• District 11 Board Director since 2017 and District 11 Delegate to Council 2016
Deborah Leckman

Deborah Leckman

Morgan McCague

Morgan McCague

Deborah Leckman

Former Commissioner at the Ontario Securities Commission and public pension fund Vice President of Equities

Ms. Leckman is a senior investment professional with over 30 years of experience in the pension fund and retail wealth industries. Most recently, Ms. Leckman completed a six-year term as Commissioner, Director and Adjudicator at the Ontario Securities Commission, whose mandate is investor protection, promoting fair and efficient capital markets and contributing to financial stability. Ms. Leckman held the role of Senior Vice President at TD Waterhouse and was responsible for the $15 billion public equity program at OMERS prior to that. She is a trustee of various other pension plans and life health trusts.

Ms. Leckman is a Chartered Financial Analyst and holds a B. Comm and an MBA from McGill University.

Morgan McCague

Former investment executive at the Ontario Teachers’ Pension Plan

Mr. P. Morgan McCague retired as Senior Vice President Asset Mix and Risk for the Ontario Teachers’ Pension Plan in 2005. In this position, he was responsible for the continued improvement of the Fund’s risk management system, economic and market forecasting capabilities. Prior to assuming this responsibility, Morgan was responsible for the Quantitative Investment Department which managed the Fund’s Enhanced Index Funds, Quantitative Investment Portfolios, Income Trust Portfolio, Equity and Equity Derivative Trading.

Mr. McCague’s history prior to 1993 before joining Ontario Teachers’ Pension Plan is one of setting up and establishing new investment departments and activities. He joined the Ontario Worker’s Compensation Board in 1989 as Director Equity Investments, to establish their equity management operation. In 1981 as Director of Investments for the Alberta Teacher’s Retirement Fund, he expedited the management of the Fund’s assets to internal management. Preceding this experience Mr. McCague worked with James P. Marshall Inc., a pension fund consulting company, Manufacturers Life Insurance Company as a pension investment officer, Federal Trust Company as Manager of Investments and Company Services, and in the Investment Department of the Bank of Nova Scotia and at Wood Gundy.

In addition, he has been active in other investment-related activities and has served on a few boards. Some notable examples are the Board of the Workplace Safety and Insurance Board, GCAN Insurance Company, and on the Investment Advisor Committee of Excel Funds.

Bernard Morency (Chair)

Former Global Retirement Practice Leader for Mercer and public pension fund Executive Vice President

Mr. Morency is a member of International Centre for Pension Management (ICPM) Board of Directors. He is a Senior Fellow of the C.D. Howe and Global Risk Institute. He is also an Adjunct Professor at HEC Montréal where he collaborates with the Retirement and Savings Institute.

He was with La Caisse de dépôt et placement du Québec (AUM of $300B+) from December 2007 to June 2017 where he was Executive Vice-President, Depositors, Strategy and Chief Operations Officer. He sat on the Executive and the Investment and Risk Committees. He oversaw relations between La Caisse and its depositors, including their strategic asset allocation, and managed the development and implementation of the Institution's three years strategic plan.

Prior to this, Mr. Morency worked at Mercer for over 30 years. He occupied a variety of leadership roles including Global Retirement Practice Leader, EVP responsible for Mercer’s Retirement, Benefits, Investment and Outsourcing businesses worldwide and President of Mercer Health & Benefits. He was a member of Mercer's global executive teams.

Mr. Morency currently serves on the Board of Directors of Desjardins General Insurance Group. He is a Fellow of the Canadian Institute of Actuaries and chairs the Institute’s Public Affairs Council. He also served as a member of the Expert committee on the future of the Québec retirement system and was closely involved with the legislative changes that followed.

Dr. Paul Healey

Emergency Physician - Oakville Trafalgar Memorial Hospital

Assistant Clinical Professor - McMaster University

Founder of “Physician Financial Independence (Canada)” online community

Physician Financial Wellness speaker

Dr. Paul Healey has been practicing medicine since 2001 and is an Assistant Clinical Professor at McMaster University. In 2009, he completed the Advanced Health Leadership Program at the University of Toronto Rotman School of Management.

He has an interest in evidence-based investing approaches and has managed his own investment portfolio since early in practice. He and his wife, Dr. Jane Healey, are the founders of Physician Financial Independence (Canada), an online community dedicated to helping physicians with financial matters. The group has over 15,000 members across Canada and is a forum where financial topics are discussed free of industry bias.

Dr. Healey is a strong advocate for physicians making informed financial decisions to maximize happiness and decrease physician burnout. He and his wife are frequently invited to speak to physician groups across Canada.

Dr. Audrey Karlinsky

Family Physician Bedford FHO

Staff Physician Mount Sinai and Women’s College Hospitals - Toronto

Assistant Professor, Department of Family and Community Medicine - University of Toronto

Dr. Audrey Karlinsky has been practicing Family Medicine in Toronto since 1986. Vice-Chair of the OMA Finance and Audit Committee, Dr. Karlinsky is a strong advocate for member interests and physician wellness at all stages. She is committed to mentorship and preceptorship in medicine as highlighted:

• 33 years as a clinician/teacher for Family Medicine residents and undergraduates with awards for teaching

• Long term Admissions Reviewer, University of Toronto Faculty of Medicine

• Long term Admissions Reviewer, Family Medicine Residency Program at U of T

• District 11 Board Director since 2017 and District 11 Delegate to Council 2016

Deborah Leckman

Former Commissioner at the Ontario Securities Commission and public pension fund Vice President of Equities

Ms. Leckman is a senior investment professional with over 30 years of experience in the pension fund and retail wealth industries. Most recently, Ms. Leckman completed a six-year term as Commissioner, Director and Adjudicator at the Ontario Securities Commission, whose mandate is investor protection, promoting fair and efficient capital markets and contributing to financial stability. Ms. Leckman held the role of Senior Vice President at TD Waterhouse and was responsible for the $15 billion public equity program at OMERS prior to that. She is a trustee of various other pension plans and life health trusts.

Ms. Leckman is a Chartered Financial Analyst and holds a B. Comm and an MBA from McGill University.

Morgan McCague

Former investment executive at the Ontario Teachers’ Pension Plan

Mr. P. Morgan McCague retired as Senior Vice President Asset Mix and Risk for the Ontario Teachers’ Pension Plan in 2005. In this position, he was responsible for the continued improvement of the Fund’s risk management system, economic and market forecasting capabilities. Prior to assuming this responsibility, Morgan was responsible for the Quantitative Investment Department which managed the Fund’s Enhanced Index Funds, Quantitative Investment Portfolios, Income Trust Portfolio, Equity and Equity Derivative Trading.

Mr. McCague’s history prior to 1993 before joining Ontario Teachers’ Pension Plan is one of setting up and establishing new investment departments and activities. He joined the Ontario Worker’s Compensation Board in 1989 as Director Equity Investments, to establish their equity management operation. In 1981 as Director of Investments for the Alberta Teacher’s Retirement Fund, he expedited the management of the Fund’s assets to internal management. Preceding this experience Mr. McCague worked with James P. Marshall Inc., a pension fund consulting company, Manufacturers Life Insurance Company as a pension investment officer, Federal Trust Company as Manager of Investments and Company Services, and in the Investment Department of the Bank of Nova Scotia and at Wood Gundy.

In addition, he has been active in other investment-related activities and has served on a few boards. Some notable examples are the Board of the Workplace Safety and Insurance Board, GCAN Insurance Company, and on the Investment Advisor Committee of Excel Funds.

Plan Administration

Background

To help create and deliver the plan, OMA Insurance collaborated with Common Wealth, a mission-driven business that works with associations, unions, and employers to provide value-for-money, collective retirement plans. The firm has worked with partners from around the world, including some of the world’s leading pension funds, the World Bank, and some of Canada’s largest membership-based organizations, on major initiatives to strengthen retirement security.

Responsibility

As Plan Administrator, Common Wealth is responsible for the necessary recordkeeping for the administration of the Advantages Retirement Plan™ and is legally required to act in the best interests of Advantages Retirement Plan™ members in administering the plan.
Plan Administration

Investment Partners

Target date fund and annuity providers

The Investment Committee has selected BlackRock and Brookfield Annuity to offer products that will serve your retirement planning needs. The role of these providers is strictly to manage plan members’ investment assets and underwrite the annuities to help members achieve their retirement goals.

Investment Partner Logo
Founded in 1988, BlackRock is the world’s largest asset manager, with over $8.67 trillion USD in assets under management, including managing over C$200 billion in assets for Canadian clients. The firm’s purpose is to help more and more people experience financial well-being. Steeped in innovation, BlackRock pioneered target date funds in 1993 with the launch of LifePath Portfolios. As the fastest growing target date fund manager in Canada with over C$30 billion in assets in its LifePath products, BlackRock has been serving Canadian investors since 2007, and today offers investment management services to over 65,000 defined contribution plans, reaching more than 35 million participants.
Investment Partner Logo
Brookfield Annuity Company (“Brookfield Annuity”) is a life insurance company and a wholly owned subsidiary of Brookfield Asset Management Inc. It was incorporated in 2016 with a sole focus on providing annuity solutions in the Canadian market. Brookfield Annuity is licensed across Canada and regulated by the federal Office of the Superintendent of Financial Institutions (OSFI). Brookfield Annuity is also a member of Assuris, a not-for-profit organization that protects Canadian policyholders if their life insurance company should fail. Brookfield Annuity is the only company in the Canadian market that focuses exclusively on the use of annuity solutions to manage retirement risk.

Custodian & Trustee

CWB Trust Services (CWBTS) is the custodian and trustee for the Advantages Retirement Plan™. A wholly owned subsidiary of Canadian Western Bank, CWBTS provides personalized trustee and custodial solutions for mid-sized pension plans, brokerage firms, investment managers, endowments, and other investment pools. CWBTS acts as trustee for more than 1.6 million registered plan accounts with assets exceeding $54 billion in its Registered Plan Trust division, and administers over $9 billion in custody assets through its Asset Servicing group
Custodian & Trustee