Employer Monthly - February Issue
In this issue you'll find the steps to complete your annual reconciliation process, best practices for completing the advance election option, a note about member privacy and more!
Annual reconciliation: Completing the 119 process
As at February 26, 2020, 500 groups have completed the annual reconciliation process! We’re excited to see that many of you have reported information for all members and are in the position to reconcile. If you’re new to the process (or need a refresher), we’ve outlined the final steps below:
Go to the DASHBOARD (on the grey tool bar) and click the Refresh button. It may take a couple of minutes for the refresh; you will know it’s completed when the date and time of the last refresh is updated.
Click on the 2019 Review link under the section ‘Form 119 years to be reconciled.’
Confirm all of your members appear under the "Completed" section on your TOTALS tab.
Go to the OTHER tab and ensure there are no requests under "e-Form 119 Inactive memberships" or "e-Form 119 adjustments." Also ensure that if there are any outstanding e-Form 143s, they are for 2020.
Go to the CONTRIBUTIONS tab to review your RPP and RCA contributions. Compare these amounts with your records. Verify that any invoice or credit amount is what you expect.
Go to the PENSION REPORTS tab and ensure that you have Generated Pension Reports (Click Yes and then Save).
Go to the EMPLOYER'S INFO tab and select an employer contact. Click on Save.
Go to the RECONCILE tab, click on the Reconcile button and follow the prompts.
Important dates:
February 29, 2020 - Submit member data before this date and OMERS will calculate your pension adjustments.
March 1, 2020 - Interest will not be applied to any outstanding balances if you reconcile before this date.
June 30, 2020 - The Pension Benefits Act requires all pension reports to be distributed to members by this date.
Don't wait! Send the advance election right away
When a member wishes to receive their pension more quickly, they can waive the right to receive pension information normally provided before the pension starts. If a member signs and returns the advance election waiver to you, as an employer you can return the waiver to OMERS as soon as it has been completed. Ensuring that OMERS has the advance election waiver on file before receiving the Request for an OMERS plan benefit – Form 143, will make for a smooth process when the member is ready to retire.
It’s important to remember, if a member chooses the advance election, you must submit the member’s bank deposit information with a blank “void” cheque and completed TD1 income tax forms with the Form 143. You must also submit any outstanding leave periods, optional service, or buy-back election forms, or other documentation, with payment if the member elects to purchase the period.
Member privacy
At OMERS, we take the privacy of our members seriously and we continually strive to ensure that we apply privacy best practices in all that we do. We encourage you to do the same by applying basic privacy principles to member information that you are collecting, using or sharing. In particular:
Only collect the member information that you need.
Ensure that you only share member information in a safe and secure fashion and only for appropriate purposes.
Never forward member information by unencrypted memory stick or external hard drives.
If forwarding member information by email, make sure that emails are properly addressed and sent only to the individual who requires the information.
It’s important that personal information is not needlessly duplicated and that it is permanently deleted when no longer needed.
Have a plan in place in case member personal information is lost or misdirected.
Stay tuned as we continue to enhance our employer portal, e-access, to help you further safeguard member information.
OMERS Annual Meeting
OMERS 2020 Annual Meeting is an important opportunity for OMERS to communicate directly with its stakeholders (including employers) on matters of importance, such as financial results. OMERS 2020 Annual Meeting takes place Wednesday April 8, 2020 at the Metro Toronto Convention Centre (South Building). Further details, including event registration, will be shortly on omers.com.
Employer feedback
Take a few minutes and provide us with your feedback about how we can serve you better. Responses are anonymous and will allow us to make improvements in how we work with you.
We appreciate your participation and the valuable information you provide.
Provide feedback
Employer Administration Workshops
Our webinars and in-person workshops will provide you with a deeper understanding of OMERS administration topics and procedures.
Upcoming webinars (10:00 a.m. – 11:00 a.m.):
Member Events (e-Form 143) - Wednesday, march 4, 2020
Enrolment, Part 1: Theory – Tuesday, March 31, 2020
Enrolment, Part 2: Enrolling a Member (e-Form 102) – Thursday, April 2, 2020
See more webinars and register today!
Upcoming in-person workshops:
Toronto – March 5
London – April 7
Barrie – April 21
We’re here to help. Call Employer Services:
Monday to Friday, 8 a.m. – 5 p.m.
Phone: +1 416.350.6750
Toll-free: +1 833.884.0389
Email: employerservices@omers.com
Thank you for helping us administer the Plan and deliver a wonderful experience to our members.