OMERS proposed changes

Over the past year OMERS Sponsorship Corporation (SC) has been conducting a comprehensive plan review.  On November 15 the SC voted in favour to:

  • Eliminate the current 35 year cap on credited service,
  • Allow paramedics to negotiate NRA 60, the same as firefighters and police.

The SC voted down of the following changes to the plan:

  • replace inflation protection with conditional indexing.
  • integrate the pension formula with the year's additional maximum pensionable earnings.
  • change normal and early retirement.
  • require mandatory participation for non-fulltime employees (optional for low salary employees).