March 2020
OMERS 2020 Plan Review Update

2020-03-27 11:30:04 AM


Amid COVID-19, the Ontario Municipal Employees Retirement System (OMERS) is continuing with its 2020 plan review process. Based on the latest review, there are two plan changes currently being considered:

  • Remove the current eligibility rules so that non full time employees can elect to join the Plan at any time. Given that people are spending more time in non full time positions, OMERS reasons it will give all employees the option of accessing a more secure retirement.

  • Called Shared Risk Indexing, future inflation increases on benefits earned after December 31st, 2022 may need to be reduced. Due to the number of retirees increasing faster than the number of active members joining the Plan, the ratio of active to retired members is quickly changing. The situation unchanged could reduce the plan's financial resiliency and increase the risk faced by future generations of Plan members.


Both changes are being considered by the OMERS Sponsors Corporation Board for the OMERS Primary Pension Plan. A decision will be made by the Board in June 2020.

For more information, please see below:

OMERS: 2020 Plan Review

OMERS: Non Full Time Expansion

OMERS: Shared Risk Indexing


 


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