New Streamlined Process for Buying Service

September 23, 2011
Applying for a cost to buy service in the OMERS Plan just got easier.

Eligible members now have two ways to apply for a cost to buy service:

1) Members can use the improved Buy-back Calculator on the  myOMERS  secure member site.

The improved Buy-back Calculator now produces a personalized buy-back package (saved on myOMERS for 6 months). The package includes:

  • a summary showing the cost to buy the service
  • the resulting increase in pension
  • payment options
  • instructions and forms for the service purchase.

The buy-back package is valid for 6 months. After 6 months, the cost expires. If the member still wishes to buy service, they can use the Buy-back Calculator to get a new buy-back package which would again be valid for 6 months.

2) Members can phone OMERS Client Services.

The OMERS Client Services representative will confirm the member’s identity, and then help with the request for a buy-back package. The package will be sent by mail, and an electronic copy is saved in the member’s myOMERS account for 6 months if the member has a myOMERS account.

What’s Changed?

Previously, before a cost would be calculated:

  • a Form 160 – Service purchase application form (OMERS or public sector employer) or a Form 260 – Service purchase application form (private sector employer) completed by the member and the member’s current employer was required; and
  • for non-OMERS service, the member’s former employer or pension plan would also have to complete part of Form 160 or Form 260.

With the new process:

  • Form 160 and Form 260 are no longer required when a member is purchasing service.
  • OMERS employers will be involved with a service purchase only when needed, i.e., after the member decides to go ahead with the purchase, and only if salary information needs to be confirmed.
  • Refunded service with a former employer’s pension plan can easily be included when requesting the cost. A proof of service and earnings form is required only if the member chooses to buy the service.

Other Notes

  • The new process does NOT change the rules for buying service, e.g., the types of purchasable service do not change.
  • The new Buy-back Calculator produces a complete package with time-sensitive information. Members can only have one buy-back package in their myOMERS account at any given time. If new information is subsequently discovered, the member can contact OMERS Client Services and request to have the existing package cancelled and a new one issued.