I agree completely that the employer-employee contribution holiday, which largely arose out of surpluses, and which did not end up being permanent, created some of the problems we're facing today. Your situation at OMERS probably mirrored the experience of a lot of other plan sponsors and beneficiaries.
As for your question on the limits, PIAC has always advocated that there should be no quantitative limits. I would agree that there is no need to have a limit. If there has to be a limit, if only because there's a feeling that there should be one, it should be at least 125%. So I agree that there is an argument for having no limit. This would provide the ability to build a significant cushion that could offer protection in down markets.
What we've seen over the last couple of years is almost unprecedented in the financial industry. At the beginning of 2007-08, even very well-funded plans found themselves in completely different circumstances following the market downturn. This is particularly problematic on the solvency side, where the solvency calculation is also largely driven by the impact of declining interest rates. As interest rates go down, the value of the liabilities goes up, and that exacerbates the funded situation on the solvency basis.