System functionality permitting OMERS members to arrange their contributions to an AVC account is live. This marks the final preparation for the historic start of AVCs on January 1, 2011.
"OMERS members can now arrange automatic contributions to an AVC account, or begin the process of transferring funds from RRSPs or other registered retirement vehicles. We have already started receiving AVC registrations from plan members," said Cathy Barss, Vice-President of Pension Business Initiatives.
OMERS has been explaining the AVC option to eligible members throughout 2010. Members received the brochure, There's Value in Membership, and updates throughout the year in the OMERS Member News newsletter. An AVC virtual presentation and online AVC self-assessment quiz were recently added to the website and complete the material available to help members make an informed decision.
As well, OMERS has held a series of information sessions across the province to explain AVCs "face to face" to more than 5,300 members, retirees and employers, including union and association leadership and employer representatives. Members can register now for an information session in their area. In addition, a dedicated team from Client Services has telephoned approximately 24,000 members about AVCs.
AVCs at a glance
- AVCs are similar to RRSPs, but they're part of the OMERS Primary Pension Plan and therefore exclusive to OMERS members
- AVCs are invested in the OMERS diversified global Fund of public and private market assets
- AVCs receive the OMERS Fund rate of return, less investment management expenses
- AVC fees and expenses are charged on a cost recovery basis – there are no sales commissions associated with an AVC account
- To learn more, read the AVC guide, which includes the Terms of Participation or by calling 416-369-2444 or 1-800-387-0813.