FOR YOUR INFORMATION
OMERS contribution rates for 2021
As part of ongoing OMERS Primary Pension Plan (Plan) governance, the OMERS Sponsors Corporation (SC) regularly reviews the Plan to determine whether there is a need for benefit or contribution rate changes. The SC makes these decisions considering the funded status determined in the annual valuation, which is an indicator of the Plan’s current financial health. 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.
Although the Plan was underfunded, the SC elected not to impose contribution rate changes and will continue to regularly monitor the health of the Plan to make OMERS sustainable, affordable and meaningful over the long term. Learn more about Managing Benefits and Contributions.
Getting your T4A
If you receive a monthly OMERS pension payment, you can view and print your tax slip directly from your myOMERS account by the end of February each year. OMERS will also mail your pension tax slip to your home.
Plan amendments effective January 1, 2021
This is a final reminder of the two amendments to the Plan that will become effective as of January 1, 2021. These amendments include:
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eliminating the 35-year cap for credited service for members with less than 35 years of credited service prior to January 1, 2021; and
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allowing an employer the option to provide normal retirement age 60 (NRA 60) benefits to all or a class of paramedics. For unionized employees, NRA 60 benefits are subject to negotiation between employers and unions.
Have questions about the changes or how they may affect you? Read our FAQs about the 35-year cap or NRA 60 for paramedics. You can also visit omers.com for more details about these and other Plan changes.