Buy-back Basics

• Refunded service after 1991 (including a waiting period) with another registered pension plan (see example 1 below)
• Previously refunded service in the OMERS Plan (see example 2 below)
• A waiting period to join the OMERS Plan
• Eligible service with an OMERS employer
• Transferred-in service shortfall (when the amount transferred in from another pension plan doesn't buy the same amount of service in the OMERS Plan)
• A leave period where the purchase deadline has passed.

• Is the increase in your pension worth the cost of the buy-back?
• You can choose to buy back any or all of the service: it's entirely up to you. You may wish to consult a retirement planner or financial adviser.
• As an active OMERS member, you can purchase service at any time. If you terminate your employment or retire, you must complete the purchase within 30 days of leaving your employer.
• Previous service with an OMERS employer may count as eligible service in the OMERS Plan, even if you don't buy it back.

• Money used to pay for the service you are buying could become locked in.
• You cannot reverse your purchase; if you leave your employer, your options would be to keep your benefit in OMERS, or transfer it to another pension plan or locked-in retirement account (LIRA). You would not have the option of a cash refund.
• If you still have a benefit in another registered pension plan, you may be able to transfer it into OMERS.

Your buy-back cost is based on factors such as your age, salary and when the service occurred. The cost of the service is its “actuarial value,” or simply put, what your future pension is worth in today's dollars with the added service.

You can use the Retirement Income Estimator on the myOMERS secure member site or call OMERS Member Services to see how buying service will increase your pension. When you know the cost and the increase to your pension, you can decide whether buying service is for you.