Towards the end of every year, OMERS prepares a checklist to help our employers get ready for the upcoming Form 119/e-Form 119 annual reporting season. The checklist is designed as a quick reference tool, and it includes important dates, tips and guidelines.
OMERS has announced that as of January 2012, pensions will increase by 2.84%. This increase is based on the change in the cost of living as reported by Statistics Canada in the Canadian Consumer Price Index (CPI).
The lump-sum transfer option to an Additional Voluntary Contributions (AVC) account becomes available again from January 1 through to April 30, 2012. Lump-sum fund transfers to an AVC account is an option available to all OMERS members, including active members, members with a deferred pension and retired members to the end of the year they turn age 70.
OMERS offers employers e-Form 119 training to help with their OMERS annual membership information reporting process. These workshops cover all aspects of e-access and e-Form 119 reporting – including e-Correspondence and the automated processes that make this important part of OMERS administration easier for employers.
One of the most common questions to OMERS Client Services is contributory earnings. Compensation practices have changed significantly over time, with new allowances and perquisites added seemingly every year. So it’s understandable if you, as an OMERS employer, have ever asked yourself: “Should I include or exclude this type of pay?” The OMERS online Employer Administration Manual should be your first stop to find an answer.
Incentive pay can seem difficult to administer. Find out about the two methods for reporting incentive pay for OMERS purposes - along with some rules for administering and capping this form of compensation.
Under the OMERS Worldwide banner, representatives from the OMERS enterprise opened our new office space in New York City on October 26. Our team of investment professionals works together under a coordinated global strategy…and a key part of that strategy is a commitment to having professionals on the ground where OMERS conducts business.
Some employers have told us that they are not receiving our electronic communications. This could be caused by spam filters.
The legislation governing mandatory retirement at age 71 does not impact OMERS membership rules; it is an employer relations matter. However, according to Bill 181, Fire Protection and Prevention Amendment Act, 2011, “mandatory retirement” applies to a firefighter if the firefighter is regularly performing “fire protection services.”
Normal retirement age conversion affects a small group of OMERS police and firefighter members. To ensure these members have the information they need, OMERS has made improvements to the election package provided to members whose normal retirement age has changed from age 65 to age 60. We are also developing an online resource for these members, which will be available soon.