Employer Monthly - November Issue
OMERS has been busy with some exciting projects and I’m happy to share some of them with you today. We believe in supporting member education and awareness, which is why we partnered with eight of our peers to produce What’s Important, an educational video for members. You can find more details and the link to the video below.
We also collaborated with the Canadian Centre for Economic Analysis (CANCEA) to conduct Social Value and Economic Contribution studies, which found that having a secure and stable source of retirement income improves the lives of our members. Included below are insights from the studies – with much more to come!
In this issue, you’ll find useful administration information including the year’s maximum pensionable earnings for 2022, a reminder about OMERS 2022 contribution rates and plenty of 119 webinar options to help you prepare for January. There are also helpful details for both you and your employees, such as the best way to get in touch with OMERS, and you can provide feedback through our regular Employer Satisfaction Survey.
Jackie DeSouza
Vice President, Employer Relations & Communications
New video: What’s Important
We’re delighted to share What’s Important, an educational video that addresses the most common questions about defined benefit pensions and commuted values.
To mark Financial Literacy Month and raise awareness about the value of retirement security, OMERS produced What’s Important in collaboration with eight of our peer pension plans: BC’s College, Municipal, Public Service and WorkSafe BC Pension Plans, College of Applied Arts and Technology (CAAT), Ontario Pension Board, OPTrust and Teachers’ Pension Plan Corporation Newfoundland & Labrador.
While each of the plans represent a different membership, we are united in our commitment to providing our members with key pension facts so that they can make informed decisions about their financial security in retirement. The three-minute video explains to members why it’s important to get all the facts about retirement security before making decisions about their financial future.
Watch What’s Important here.
2021 OMERS Social Value
2021 Social Value and Economic Contribution studies by the Canadian Centre for Economic Analysis (CANCEA) have found that having a secure and stable source of retirement income improves the lives of our members and strengthens communities in Ontario.
Social value can be defined as the relative importance people place on the changes they experience or anticipate experiencing in their lives. There are many aspects of social value that could be considered, but one primary driver of social value measurement is satisfaction with life.
We are proud to share with you that many OMERS members have attributed low stress levels, good health and an increased sense of financial security to reliable income in retirement. In fact, 90% of OMERS retirees attribute higher life satisfaction with being part of a defined benefit pension plan. And OMERS retirees have been 50% less likely to experience a decrease in financial security during the COVID-19 pandemic.
Additionally, many OMERS members have given back to their communities and credit their increased life satisfaction, associated with their OMERS pension, with their ability to volunteer and offer donations. CANCEA discovered that over 90% of OMERS retirees donate to charities and other causes.
We look forward to sharing more exciting results from the 2021 Social Value and Economic Contribution studies with you next year.
Year’s maximum pensionable earnings (YMPE) for 2022
The Canada Revenue Agency announcedthat the year’s maximum pensionable earnings for 2022 will be $64,900. You can find the YMPE, the current contribution rates and maximums on omers.com.
Reminder: Contribution rates for 2022
As part of ongoing Plan governance, the OMERS Sponsors Corporation (SC) regularly monitors and reviews the Plan to determine whether there is a need to adjust benefits or contribution rates. The SC has determined that no changes will be made to the contribution rates for 2022. As part of its ongoing work on Plan Risk Assessment, the SC is reviewing the long-term health of the Plan to ensure that we are appropriately managing the risks that it faces. Learn more about Managing Benefits and Contributions.
Get ready for 119 season with a webinar
Set yourself up for success in January by signing up for a webinar today. Reviewing the fundamentals now will ensure that you’re ready to tackle the annual reconciliation process come January.
Steps 1 & 2: Import and Submit e-Form 119 Data
Wednesday, December 1 | 9:30 a.m. to 11:30 a.m.
Tuesday, January 11 | 10:00 a.m. to 12:00 p.m.
Step 3: Resolve e-Form 119 Exceptions
Friday, December 3 | 10:00 a.m. to 12:00 p.m.
Thursday, January 13 | 2:00 p.m. to 4 p.m.
Step 4: Reconcile Your e-Form 119
Monday, December 6 | 10:00 a.m. to 12:00 p.m.
Friday, January 14 | 1:00 p.m. to 3:00 p.m.
Annual Reconciliation (e-Form 119) Overview
Thursday, December 9 | 1:00 p.m. to 4:00 p.m.
Wednesday, January 12 | 9:00 a.m. to 12:00 p.m.
Looking for more dates? See the full list of Annual Reconciliation (e-Form 119) webinars on our website.
Find your best OMERS team for support
Discover the best OMERS team to contact for timely responses to your questions, based on your role at work.
Employer Services
The Employer Services team helps employers administer the Plan. If you’re an OMERS employer and need Plan administration support, the Employer Services team will be happy to help. It’s always easy to reach the Employer Services team, as we share their contact information below, in email communications to you and through e-access under Help.
Member Services
The Member Services team helps members understand their personal pensions. If you’re an OMERS member with questions about your personal pension, or if one of your employees has questions about their personal pension, the Member Services team can help. Visit the Member Services Help Topics & Contact Us page or reach us by phone:
Monday to Friday, 8:00 a.m. – 5:00 p.m.
Phone: +1 416.369.2444
Toll-free: +1 800.387.0813
Learn from our Pension Education & Relationship Management team
Sign up for our general administration webinars to learn more about important topics and get answers to your questions.
Member Events (e-Form 143)
Thursday, December 2 | 10:00 a.m. to 11:00 a.m.
Take the Employer Satisfaction Survey
Your feedback matters, and hearing it is vital to improving our services. Tell us about a recent interaction you've had with OMERS or share suggestions on working better together.
We’re here to help. Contact Employer Services:
Monday to Friday, 8:00 a.m. – 5:00 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.