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OMERS Plan to Reduce Deficit

OMERS Plan to Reduce Deficit

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OMERS Sponsors Corporation approves plan changes to address deficit

July 7, 2010

The Sponsors Corporation of the Ontario Municipal Employees Retirement System (OMERS) has approved temporary changes to support the funded status of the OMERS Primary Plan:

  • A three-year contribution rate increase for both members and employers, beginning in 2011, following the filing of the 2009 Primary Plan actuarial valuation with regulators this year.
  • Changes to the calculation of benefits members receive if they terminate employment before they’re eligible for an early retirement pension. (This only affects benefits based on service earned after 2012.)

The OMERS pension formula, inflation protection in retirement, survivor benefits and disability benefits are not affected. The motion to allow paramedics to retire at age 60 without actuarial reduction did not garner sufficient votes to pass.

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