26 (1) A decision of the Sponsors Corporation requires an affirmative vote of a majority of its members.  2006, c. 2, s. 26 (1). Specified change (2) In subsections (3) and (6), “specified change” means, (a)  a change in benefits for members of any of the OMERS pension plans, (b)  a change in the contribution rate for members or participating employers, or (c)  the establishment of, or a change to, a reserve to stabilize contribution rates.  2006, c. 2, s. 26 (2). Decision about a specified change (3) Despite subsection (1), a decision respecting a specified change is not valid unless it is made in one of the following ways: 1.  At a meeting called for the purpose of considering the matter, the Sponsors Corporation decides to make the specified change and passes a by-law providing for the specified change by an affirmative vote of two-thirds of its members. 2.  At a meeting called for the purpose of considering the matter, the Sponsors Corporation decides on an affirmative vote of a majority of its members to refer the matter for consideration under the supplementary decision-making mechanisms described in subsection (4) or (5) and, using those mechanisms, the decision is made with respect to the specified change.  2006, c. 2, s. 26 (3). Supplementary decision-making mechanisms (4) The Sponsors Corporation may, by by-law, establish supplementary mechanisms for making decisions about matters that are considered during its meetings.  2006, c. 2, s. 26 (4). Initial mechanisms (5) Despite subsection (4), on the day this section comes into force, the supplementary decision-making mechanisms are those set out in section 42.  2006, c. 2, s. 26 (5). Rules for arbitration (6) If the by-law establishing supplementary decision-making mechanisms provides for arbitration, the following rules apply with respect to the arbitration: 1.  The arbitrator shall conduct the arbitration in accordance with the Arbitration Act, 1991
and for that purpose the matter referred to the arbitrator shall be deemed to have been submitted for arbitration under an agreement and the members of the Sponsors Corporation shall be deemed to be parties to the agreement. 2.  When deciding a matter relating to a specified change, the arbitrator shall consider the following matters: i.  The legal requirements relating to the pension plans and their administration. ii.  The actuarial valuation of each of the OMERS pension plans prepared by the actuary for the purposes of the
Pension Benefits Act. iii.  The advice of the Administration Corporation to the Sponsors Corporation and to the arbitrator concerning the cost of the specified change. iv.  The economy of Ontario, the prevailing economic conditions and the overall financial state of the employers participating in the OMERS plans. 3.  The arbitrator may make reasonable requests for information and advice from the Administration Corporation and the Administration Corporation shall comply with the requests. 4.  The arbitrator shall not make a decision to increase benefits under an OMERS pension plan if the decision, combined with all other decisions made by an arbitrator in the previous 36 months to increase benefits under the plan, would result in a total increase to the contribution rate for the plan for members or participating employers of more than 0.5 per cent. 5.  The arbitrator’s decision with respect to the terms and conditions of any of the OMERS pension plans shall be deemed to be a decision of the Sponsors Corporation to amend the pension plan, or a decision not to amend the plan, as the case may be.  2006, c. 2, s. 26 (6).