November 9, 2017

2017 Plan Changes
In late August, the OMERS Sponsors Corporation (SC) Board approved five OMERS Primary Plan Changes that:
  1. Restrict timing of eligible plan member choice of a commuted value (CV) to six months after leaving an OMERS employer, effective January 1, 2020;
  2. Provide for a five-year waiting period before buy back of pension service for which a CV was received (effective January 1, 2020);
  3. Provide that plan members who have more than one OMERS employment position, one of which is full time (dual members), will no longer be able to receive an OMERS pension while continuing to work full time with an OMERS employer (effective January 1, 2020);
  4. Allow OMERS employers to suspend participation in the OMERS Plan for employees working outside Canada, subject to transition provisions; and
  5. Make technical amendments to the AVC Income option.
Further information on the these plan changes is available at OMERS October 2017 Pension Update

NRA 60 for Paramedics Plan Change Proposal
CAOs for municipal governments with responsibility for land ambulance have received a more detailed note and analysis (email of Nov. 7) concerning a proposal that would enable OMERS municipal employers to provide NRA 60 benefits to paramedics through local contract bargaining. There appear to be few (20%) in the paramedic workforce that could benefit. Given the fewer numbers that would clearly benefit, it may be difficult for a local union to bring the benefit proposal forward for a small portion of its membership.

The MEPCO Board is concerned that this proposal comes in front of important studies currently underway at OMERS, which will provide new data and trends affecting future municipal service delivery, workforces and future OMERS Plan design.
Other News
Please note that OMERS Toronto-based employees are in the process of moving from the One University Avenue location to new offices located at 100 Adelaide Street West.  We are told that the move results in a better alignment and consolidation of OMERS business groups.