Plan Change Announcements

OMERS Sponsors Corporation determines benefit levels and contribution rates for the OMERS Primary Pension Plan. After careful review and consideration, OMERS Sponsors Corporation finalized the following changes to the OMERS Plan.

Buy-back waiting period
This change introduced a waiting period between the time a member received the commuted value of their pension and the time they can buy back service, if they rejoin the OMERS Plan.
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Dual membership
This change introduced certain restrictions to pension commencement for members with more than one overlapping membership in the Plan (i.e., dual membership).
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Commuted value election
This change introduced a time limit related to the election period for commuted value (CV) payments upon termination of employment. 
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Foreign service
This change introduced the option for OMERS employers to suspend a member’s contributions and accruals in the Plan during periods of employment outside of Canada. For more information about this plan change, please contact Member Services.
 

Effective January 1, 2021:

Elimination of the 35-year cap for credited service
This change removes the 35-year cap on credited service for members with less than 35 years of credited service prior to January 1, 2021. Members who are retired or deferred prior to the effective date are not impacted by the change. If a member meets the 35-year cap before January 1, 2021, the limit will continue to apply. 
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Option to negotiate NRA 60 for paramedics
This change provides the option for paramedics to have a normal retirement age of 60 (NRA 60), subject to negotiation, starting on January 1, 2021. Paramedics will not automatically be eligible for NRA 60 benefits. As of January 1, 2021, an OMERS employer can elect to provide NRA 60 benefits to all or a class of paramedics. For unionized employees, NRA 60 benefits are subject to negotiation between employers and unions. 
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2016

On August 31, 2016, OMERS Sponsors Corporation (SC) approved a change to the Additional Voluntary Contributions (AVC) program that allows members to keep non-locked-in funds in their AVC account after the year they turn age 71. With this new part of the program, which is called the "AVC Income Option", members can keep their AVC account for their lifetime.

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Want to learn more about Plan changes?

Visit the Sponsors Corporation (SC) homepage – your central source for information on Plan changes.
 

Visit SC's homepage