The OMERS Sponsors Corporation (SC), which is made up of equal numbers of employee and employer representatives, is responsible for the benefits and contribution rates of the OMERS Pension Plans.
Pursuant to the SC’s decision-making process for “Other Plan Changes” in May the SC decided that it will make decisions in June related to a plan change requested by stakeholders.
Stakeholders requested a change to the Additional Voluntary Contributions (AVC) program of the Primary Plan to allow members to retain their non-locked-in AVC funds in the Primary Plan past the age of 71. Currently, plan members are required to withdraw any AVC funds from the Primary Plan once they turn age 71. The proposed change would allow them to retain non-locked-in funds in the Primary Plan, subject to the minimum withdrawal requirements of the Income Tax Act.
As a reminder, the SC had already announced it will be considering changes to the contribution rates of the Supplemental Plan.
The SC will make decisions on these two changes at its June 21st meeting.