Employer Monthly - May Issue
This year has been busy for many reasons, and as we near the end of May, we know that you’re working hard to complete the annual reconciliation process. Thank you to those who have completed the process so far! You can find more annual reconciliation information as well as registration for general administration webinars in this issue.
You’ll also learn about what to expect next as we continue to build the new e-access system, and you’ll hear from an OMERS employer about their experience with the new system. This month, you can find an announcement about a mid-year financial update, details about upgrades to the Employer Administration Manual, and best practices for remitting funds.
Mid-year financial update coming August 2021
Over the years we have heard from OMERS members, sponsors and stakeholders that they would like us to consider reporting our results more frequently than annually. As part of our commitment to transparency and strengthening our relationship with stakeholders, OMERS Administration Corporation Board of Directors recently approved management’s recommendation to begin publicly sharing mid-year investment returns and financial statements, commencing with the period ending June 30, 2021. Information will be made publicly available in August.
Upgrading the Employer Administration Manual
One of your most important resources is the Employer Administration Manual — and soon we’ll be adding some new features to improve your experience.
What’s new?
Updated look and feel
The content will be easier to read, and a helpful how-to video will be available on the homepage.
Share-a-URL button
Click this button on any topic to quickly generate a link for easy sharing with your colleagues.
Search in document
When you’re reading content, click Search in document to refine your search.
Improved functionality for feedback
You’ll be able to send feedback on a specific image in addition to sending feedback on a topic.
Best practices for remitting funds
Submit your e-Form 105 in advance
Ensure that you submit the completed Contribution remittance summary (e-Form 105) in advance of remitting funds to OMERS in order to allow for timely allocation once the funds are received. See Remitting contributions in the Employer Administration Manual for more details.
Use an electronic form of payment
Making the switch to an electronic remittance option such as direct deposit will help ensure that OMERS receives your pension contributions on time. You can find the Direct deposit registration form (Form 101) on our Employer Forms page. Contact Employer Services for more information on this and other electronic payment options.
How to handle credits
In cases where a credit is generated for your group, OMERS will automatically apply it to the current month’s contributions. To balance for the credit you’re receiving, short remit by that amount on your next remittance.
As a reminder, you do not need to include the credit on your e-Form 105. For example, if your monthly remittance should be $5,000 and you have a $500 credit, report $5,000 on the e-Form 105 and remit $4,500 to OMERS.
If you prefer to use a credit for other purposes (such as an invoice, service purchase, etc.), please send an e-Correspondence with the instructions.
New e-access features
Beginning June 3, the Leave period correction (e-Form 165c) will be available in the new e-access system. You can visit the e-access Information Portal to find training resources.
As the transition to an improved e-access system continues, we plan to introduce another new feature in early July. Stay tuned for more details.
Spotlight: Hearing from an OMERS employer
As our e-access journey continues, we’ve been receiving feedback about the new system and want to share one of those stories with you. Brendan from Simcoe County District School Board answered some questions about his experience.
Q: What has your experience been with the transition to the new e-access system?
A: It did not take long at all to get comfortable with the new and different features. I also decided that I would use the new system for the annual reconciliation and found it easy to use. The new feature that tracks your completion percentage is very motivating. We completed our annual reconciliation the earliest we have completed it in several years!
Q: What’s your favourite feature in the new system?
A: One of the reasons the new e-Correspondence system is amazing is the ability to add attachments. I’ve used this feature for advance election forms, which certainly saves a lot of time in that process.
Q: What’s one feature of the new system that you would point out to a new e-access user?
A: You can also send other attachments, such as Excel spreadsheets. This is useful when there are multiple pieces of data or information that need to be communicated for the same member, such as adjusting prior year 119 data.
Q: What advice would you give to an employer who continues to use the legacy system?
A: The new e-access system is very user friendly. Many of the e-Forms are easier to complete in the new system than in the legacy system. My advice would be to get comfortable in the new system! Use it for all the forms that are available to complete and utilize the new e-Correspondence features if you aren’t already.
It’s also important to share any feedback you have about the new system, both positive and constructive. In my experience over the past few months, OMERS has definitely shown that they take an interest in user feedback and want to ensure that the system is the best it can possibly be for the front-end users who are using it daily.
Upcoming annual reconciliation deadline
The annual reconciliation deadline of June 30, 2021 is fast approaching. It’s based on a requirement in the Pension Benefits Act related to when statements must be sent to members. To meet this deadline, we require that employers complete the e-Form 119 by June 1. We would also like to remind you that if you do not switch your “Generate Pension Reports” indicator in e-access to “Yes” by June 18, OMERS will do it for you.
For help completing the process, tip sheets and e-Learning modules covering everything from preparing to reconciling your e-Form 119, visit omers.com. If you require further assistance or are concerned that you will not meet the deadline, please contact Employer Services for support.
Learn from our Education & Training team
There are several processes you’ll need to complete while working through the annual reconciliation. For the latest tips on how to complete them, as well as answers to any questions you may have, sign up for our general administration webinars.
Upcoming webinars (10 a.m. to 11 a.m.):
Enrolment, Part 1: Theory – Tuesday, July 6
Enrolment, Part 2: Enrolling a Member (e-Form 102) – Thursday, July 8
Contributions, Remittances and the e-Form 105 – Wednesday, August 4
Discover more topics and dates on our Administration Webinars page.
We’re here to help. Contact 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.