On August 31, 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.
The AVC Income Option brings three important changes to an AVC account:
Aside from these changes, the same features of OMERS AVCs continue to apply, such as the application of the OMERS Fund rate of return and the ability to make optional withdrawals during the withdrawal window.
The AVC Income Option was introduced in response to member requests made through the SC’s annual process for Plan changes.
OMERS will send personalized information about the AVC Income Option to members who currently have non-locked-in funds in their AVC account and who turn age 71 in 2016.
More about the AVC Income Option