1. Commuted Value (CV) change: puts a limit on the amount of time you have to transfer a CV after you leave your employer
May impact you if you have left or will be leaving an OMERS employer before retirement and are eligible to take your CV.
If you leave your job with an OMERS employer, you will have a decision to make regarding your OMERS pension. You are eligible to transfer the CV of your pension if you leave an OMERS employer and you have not yet reached your early retirement birthday (55th birthday for normal retirement age 65 or 50th birthday for normal retirement age 60). For more information on CVs, please refer to the OMERS member handbook.
Impact to active members working for an OMERS employer on and after August 23, 2017
If you leave your OMERS employer and you are eligible to transfer the CV of your pension, you may do so before the later date of:
- six months after leaving your employment; or
- January 1, 2020.
Effective January 1, 2020, if you leave an OMERS employer, you will have six months to transfer your CV.
Impact to members who previously left their OMERS employer but had not started their pension as of August 23, 2017
If you are still eligible to transfer the CV of your pension, you will be given a one-time election prior to January 1, 2020 to transfer your CV. We will be in touch with further details on this one-time option well before January 2020. After this one-time election, a CV transfer will not be available.
Note: This change does not impact you if you leave your OMERS employer and you keep your pension with OMERS until you retire.
2. Buy-back change: sets a waiting period between the time a member receives the CV of their pension and the time they can buy back service if they rejoin the OMERS Plan
May impact you if you join the OMERS Plan on or after January 1, 2020, and have previously received a CV from OMERS.
For more information on buying back service to maximize your OMERS pension, please refer to your OMERS member handbook.
If you rejoin the OMERS Plan after transferring the CV of your pension out of the OMERS Plan, you will have to wait five years before you can buy back the associated service.
3. Dual-membership change: limits the ability of dual members to start receiving a pension while continuing to work full time with an OMERS employer
May impact you if you have more than one OMERS membership, and are therefore considered a dual member. Dual members receive more than one annual Pension Report – one for each membership.
This change only impacts you if:
- you are a dual member; and
- you continue in a full-time position with another OMERS employer after starting to receive an OMERS pension.
After January 1, 2020, dual members will not be allowed to begin their pension while continuing in a full-time position with an OMERS employer.
This change does not impact you if you are:
- a dual member holding only non-full-time positions; or
- a dual member who started to receive a pension before December 31, 2019.
Note: To be clear, this change does not impact you if you are a dual member and you retire (i.e., start your pension) before December 31, 2019. It also does not impact you if you are receiving your OMERS pension and you are considering returning to work with an OMERS employer. Please consult your OMERS member handbook for more information about returning to work after retirement.
4. Plan membership for international workers change: allows employers to suspend participation in OMERS for employees working outside Canada
May impact you if you work outside Canada for an OMERS employer.
As of August 23, 2017, OMERS employers now have the option to suspend participation in OMERS for the few members who are employed outside Canada.
5. Additional Voluntary Contributions (AVCs): makes technical amendments to the AVC Income Option
No impact to members
We have made changes to the Plan text to describe the AVC Income Option in greater detail. Members continue to be able to keep non-locked-in funds in their AVC accounts beyond age 71.