A cost estimate details the estimated future and past costs as follows:
- Future service costs – the estimated cost of Supplemental Plan contributions for future service by year, projected for each of the five years after the agreement is expected to begin (member and employer contributions are listed separately). Future service is earned on/after the expected Supplemental Plan agreement effective date.
- Past service costs – the estimated member cost to purchase each member's eligible past service as of the agreement effective date. Supplemental Plan past service is credited service a member has earned in the Primary Plan as of the expected Supplemental Plan agreement effective date (i.e., credited service earned before the expected Supplemental Plan agreement date).
For associations and unions, the most effective route to request a cost estimate is through the employer. This is because:
- The employer has more up-to-date salary information and therefore can provide a more accurate estimate.
- There are no fees for OMERS processing if an employer requests a cost estimate.
- The turnaround time for costs estimates is likely faster because there is less manual data entry.
Associations and unions can also request a cost estimate directly from OMERS but the estimate will be less accurate and a $500 processing fee will be charged. If the association or union requests the estimate from the employer, there is no cost as processing is done by the employer – OMERS staff are not involved in processing the cost estimate.