FOR YOUR INFORMATION

OMERS Primary Pension Plan contribution rates in 2022

* The CPP earnings limit in 2022 is $64,900.

Extension of the 2020 COVID Amendments

Last year, the OMERS Sponsors Corporation Board (SC Board) passed the following three amendments to address the impact that the COVID-19 pandemic was having on our members and workplaces:

1. extending leave purchase deadlines by one year for members returning from a leave in 2020 and 2021;

2. permitting service to be purchased in respect of periods of temporary layoff starting in 2020 and 2021; and

3. recognizing changes to the minimum employment requirements under the Income Tax Regulation applicable to purchasing periods of reduced pay.

In recognition of the ongoing impacts of the COVID-19 pandemic and to provide members and employers flexibility for one additional year, the SC Board has approved amendments that will extend the first two changes for another year. This means that members returning from a leave of absence in 2022 will be provided an extended deadline to complete a leave purchase by one year (i.e., extension to December 31, 2024) and members who are absent due to a temporary layoff initiated in 2022 will have the option to purchase this period of layoff at 2x member contributions. The third amendment described above will continue to recognize applicable changes to the Income Tax Regulation if they occur.

As part of our commitment to keep members, employers and stakeholders informed about important OMERS developments, information regarding these amendments will be shared through various resources including our website. In addition, OMERS dedicated COVID-19 webpage will continue to be updated for the foreseeable future so that you can continue to refer to its content and information.

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.

OMERS worked in collaboration with eight of our peers to produce What’s Important to mark Financial Literacy Month and to raise awareness about the value of retirement security — 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 3-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.

Grow your retirement savings with AVCs

Additional Voluntary Contributions (AVCs) are a unique opportunity available to members to build additional retirement savings with OMERS. Separate from your OMERS defined benefit pension, AVCs allow you to invest in the OMERS Fund.

There are two ways to contribute to your AVC account. You can perform a fund transfer to move funds into your account (also referred to as a lump-sum transfer) and active members have the option to make automatic contributions via pre-authorized debit or payroll deductions (if your employer offers this service).

AVCs are voluntary and may not be right for everyone’s retirement savings plan or life stage. Learn more about AVCs, including how they work and whether they are right for you.

Use myOMERS to get your T4A and more

If you receive a monthly OMERS pension payment, you can view and print your T4A 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.

You can also get important information about your pension through your myOMERS account. Sign in today and check out the announcements near the top of your dashboard to find out how much pensions will be increasing in 2022.

Sign up or sign in to myOMERS here.

Learn from our Pension Education & Relationship Management team

Your OMERS defined benefit pension can be one of your greatest assets, and we know you have questions. Whether you’re new to OMERS, preparing to retire or somewhere in between, our Pension Education & Relationship Management team (formerly called Education & Training) is here to help. Our free webinars will help you learn more about your pension and allow you to ask any questions you may have. Click the links below to register for an upcoming session. Secure your spot now because space is limited!