Employer Monthly - November Issue
As an OMERS employer, you are our most important partner in ensuring the pension plan is administered correctly for our members. As we near the end of the year, our focus for this edition of our Employer Monthly newsletter is to make sure you’re prepared for 2021. In this issue you’ll find a reminder about the contribution rates and the newly-released year’s maximum pensionable earnings (YMPE) for 2021, and how to prepare for the next annual reconciliation cycle. We are also very pleased to be launching a new report just for you that we hope will help provide you with key insights on your membership and how your administration practices compare to your peers in the OMERS community. It’s another example of how we are always looking for ways to better support you in your role, and we welcome your feedback.
Coming soon: Your personalized Employer Stewardship Report
Last year, in an effort to share insights, improve administration and find new ways to engage with you, OMERS piloted a new Employer Stewardship Report concept with a small group of employers. We received very positive feedback, and so this year we’re expanding it to all of our employers.
In the coming weeks, your organization will receive a report that highlights key member insights, metrics and benchmarks related to the administration of the OMERS Pension Plan. The report is intended to help provide you with information about your membership demographics and identify what’s working well and what areas might require further attention. The information in the report will be tailored to your group and will include comparisons to the average of all OMERS employers. This data also helps us identify where we can further support you to enhance the resources available to you including employer training, tools and materials. We look forward to sharing this information with you and hearing your feedback.
Reporting leaves of absence
As you know, we continue to build-out the new e-access system and we are happy to report that beginning December 21st, you’ll be able to use the new e-access system to report leaves of absence. With this system update, the Leave Period Reporting (e-Form 165a) will be available and will include the ability to import your leaves into the new system in batches (except for batch Disability Leaves – this will be introduced in early 2021!). View the e-Learning module to get acquainted with this upcoming functionality.
More importantly, to simplify the reporting process, we have also fine-tuned the options of available leave types. Because this change will be reflected in both the new e-access and the legacy system, it is extremely important that you familiarize yourself with this updated list to ensure accurate reporting.
As always, you can find the most up-to-date information about the progress we’re making on the new e-access system by regularly visiting the e-access Information Portal.
Reminder: OMERS contribution rates for 2021
As part of ongoing Plan governance, the OMERS Sponsors Corporation (SC) regularly reviews the Plan to determine whether there is a need for benefit or contribution rate changes. Early in 2020, after reviewing the funded status of the Plan as of December 31, 2019, the SC determined that no changes will be made to the current contribution rates for 2021. Learn more about Managing Benefits and Contributions.
Year’s maximum pensionable earnings (YMPE) for 2021
The Canada Revenue Agency recently announced that the year’s maximum pensionable earnings for 2021 will be $61,600. You can find the YMPE, the current contribution rates and maximums on omers.com.
Thank you for joining our first-ever OMERS Employer Education Week!
In October, OMERS held its first-ever Employer Education Week which included insightful discussions, informative presentations and the opportunity to network with more than 550 OMERS employers who participated. Your engagement ensures that we continue to learn from each other and make the OMERS experience a meaningful one for both employers and members. We want to extend our sincere thanks for making this inaugural event a great one – we look forward to making this an annual opportunity.
Preparing for your annual reconciliation
Start preparing for your upcoming 2021 reconciliation by signing up for a webinar or by viewing an e-Learning module. Whether you’re new to the annual reconciliation process or experienced, you’ll find the latest tips and up-to-date information in our training materials.
You’ll also have the option to use the new e-access system for your e-Form 119 processing. For more information on using the new e-access and the available processes, please see our e-access Information Portal.
It’s time to take the Employer Satisfaction Survey
It’s important for us to hear your feedback on a regular basis because the more we know about your experience, the more we can improve. Whether it’s feedback about a recent interaction with OMERS or a suggestion on how we can better work together, we want to hear from you. Please take a moment to share your insights. We appreciate your participation.
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.