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No impact will occur on pension formula, inflation protection in retirement, survivor benefits or disability benefits.
Toronto (9 July 2010) - The Sponsors Corporation of the Ontario Municipal Employees Retirement System (OMERS) has approved temporary changes to support the funded status of the OMERS Primary Plan. The changes, which address current deficit issues, include the following:
- A three-year contribution rate increase for both members and employers, beginning in 2011, following the filing of the 2009 Primary Plan actuarial valuation with regulators this year.
- Changes to the calculation of benefits members receive if they terminate employment before they’re eligible for an early retirement pension. (This only affects benefits based on service earned after 2012.)
The OMERS pension formula, inflation protection in retirement, survivor benefits and disability benefits are not affected. The motion to allow paramedics to retire at age 60 without actuarial reduction did not garner sufficient votes to pass.
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The National Union of Public and General Employees (NUPGE) is one of Canada's largest labour organizations with over 340,000 members. Our mission is to improve the lives of working families and to build a stronger Canada by ensuring our common wealth is used for the common good. NUPGE
More information:
OMERS Sponsors Corporation - 2010 Plan Changes