Contribution rates and Plan change announcements

March 01, 2016

In March, OMERS Sponsors Corporation announced that the current contribution rates of the OMERS Primary Pension Plan will remain the same until the end of 2017, and there are no other Plan changes required this year to address the financial health of the Plan.

The Sponsors Corporation also announced that it would consider changing the contribution rates of OMERS Supplemental Plan. Although there continues to be no members in the Supplemental Plan, the review was necessary to ensure the contribution rates reflect current expectations about the future. On June 21, OMERS Sponsors Corporation announced changes to the contribution rates of the Supplemental Plan. More details

AVC program extension for members past age 71

Beyond managing the financial health of the OMERS Pension Plans, there are other reasons to change benefits, such as pension legislation developments or minor administrative matters. These are managed through the Sponsors Corporation’s annual process for Other Plan Changes.

Through this process, stakeholders requested a change to the Additional Voluntary Contributions (AVC) program to allow members to keep non-locked-in funds in their AVC account past age 71. On June 21, the OMERS Sponsors Corporation approved in principle the option for members to keep these funds in their AVC account after age 71. The next step is to present the plan amendment needed to implement this feature to the Sponsors Corporation for their approval. We expect this to take place later in the year. We'll keep you posted.