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.