Last Approved Changes

Following the 2020 Plan Review process, on June 24, 2020, the OMERS Sponsors Corporation Board (SC Board) approved five amendments to the OMERS Primary Pension Plan (Plan). The following are the approved amendments.  The first three amendments were considered because of the exceptional circumstances presented by the COVID-19 pandemic and are effective immediately. The final two amendments were considered as a part of the annual Plan review and are not effective until January 1, 2023.

Extending leave purchase deadlines
Extends the deadline to complete a leave purchase by one year for members who return from a leave of absence in 2020 or 2021 (i.e., extending to December 31, 2022, or December 31, 2023, depending on the return date). This change is effective immediately and will be implemented over the coming weeks.

Read our Frequently Asked Questions

Reducing or eliminating the 36-month employment requirement for purchases of periods of reduced pay
Reduces or eliminates the 36-month employment requirement for purchases of periods of reduced pay, subject to changes to the Income Tax Regulations. This change is effective immediately but will only be implemented if and when the employment requirement under the Income Tax Regulations is amended.

Read our Frequently Asked Questions

Permitting temporary layoffs as purchasable service
Allows members to purchase credited service for periods of absence due to temporary layoff that we initiated in 2020 or 2021. The service can be purchased at two times contributions (member only). This change is effective immediately and will be implemented over the coming weeks.

Read our Frequently Asked Questions

Non-full-time expansion
Removes the current eligibility requirement for non-full-time employees to join the Plan so that all non-full-time employees may elect to join the Plan at any time. Enrolment in the Plan would take effect on the first day of the month after the employee’s election is received and would remain in place as long as the member continues working with their current employer.

This change is effective January 1, 2023, which means that until then, the current eligibility requirement continues to apply. More information will be available closer to the implementation date. 

Read our Frequently Asked Questions

Shared Risk Indexing
Provides the option for the SC Board, based on its annual assessment of the Plan’s health and viability, to reduce future inflation increases on benefits earned after December 31, 2022.

This change is effective January 1, 2023 and does not affect benefits earned before that date. This means that when you retire, the benefits earned on or before December 31, 2022 will be granted full indexation. Benefits earned on or after January 1, 2023 will be subject to Shared Risk Indexing, meaning that the level of indexation will depend on the SC Board’s annual assessment of the financial health of the Plan.

More information will be available closer to the implementation date.

Read our Frequently Asked Questions

You can read more about Shared Risk Indexing and non-full-time expansion by clicking here.

In addition to the amendments listed above, a minor housekeeping change to the Plan was made to align section references. This change does not impact Plan members.

On November 15, 2018, the SC Board approved two of the six proposed changes as a result of the Comprehensive Plan Review. The following changes are effective as of January 1, 2021:

Elimination of the 35-year cap for credited service
This change removes the 35-year cap on credited service for members with less than 35 years of credited service prior to January 1, 2021. Members who are retired or deferred prior to the effective date are not impacted by the change. If a member meets the 35-year cap before January 1, 2021, the limit will continue to apply.

Read our Frequently Asked Questions

Option to negotiate NRA 60 for paramedics
This change provides the option for paramedics to have a normal retirement age of 60 (NRA 60), subject to negotiation, starting on January 1, 2021. Paramedics will not automatically be eligible for NRA 60 benefits. As of January 1, 2021, an OMERS employer can elect to provide NRA 60 benefits to all or a class of paramedics. For unionized employees, NRA 60 benefits are subject to negotiation between employers and unions.

Read our Frequently Asked Questions

As part of our commitment to keep members, employers and stakeholders informed, more information regarding the amendments will be shared across our various communications channels including on omers.com.

For more information on the Plan changes – or the change process in general – please email [email protected].

 

Sisters and Brothers,

The IAFF Elected Human Relations Committee (EHRC) was created by Convention resolution in 1988 to address issues relating to diversity and inclusion in our union and the fire service. Since its inception, the EHRC has worked as the sounding board and voice of our union, providing insight and guidance to affiliates and fire departments on matters such as those going on today across the globe.

With that role in mind, the EHRC worked together to draft this statement on the murder of George Floyd and the subsequent peaceful protests and violence. The IAFF Executive Board embraces and supports the values and principles expressed by the EHRC.

Our membership is a reflection of all races, religions and genders that make up the two nations they serve. They are the fabric that gives us our strength as a union.

As leaders, we stand with the peaceful protesters who remind us what built our great labor movement and improved the lives of all workers. We stand against the discrimination and mistreatment of black people and all people of color, genders or identities. We stand against police brutality and against violence directed at the police. And, of course, we stand against any and all violence against our members as they do their work protecting their neighbors and communities.

Fraternally,


Harold A. Schaitberger
General President

 

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We want to bring to your attention some important information about your OMERS plan.
Proposed plan changes were presented by OMERS reps to OPFFA members on May 15.
As a follow up to the presentation we have assembled a section on the OntarioFireFighters.Org website that contains a link to a recording of the presentation, OMERS topics of interest and Q&A’s specific to the proposed plan changes including;
  • How Your OMERS Pension Contributes to the Economy
  • Management of the OMERS Plan Explained
  • Sustainability of OMERS and my Pension Guarantee
  • OMERS 2020 Proposed Plan Changes
  • Shared Risk Indexing Explained
  • OPFFA Position on the Proposed Changes
The OPFFA Executive Board fully endorses the healthy, reliable plan that OMERS has proposed and we want you to learn more about it and others who stand in support.
Thank you,
OPFFA Executive Board