The OMERS SC Board adopted changes to its decision making process that allow for more consultation time regarding proposed plan changes.
On May 15 the OPFFA hosted a webinar detailing two proposed plan changes OMERS is considering this year.
Q - What are the two plan changes that OMERS is proposing:
A - Non-full-time enrolment:
- Employees of an OMERS employer will have the option to join OMERS regardless of hours worked or salary earned
- Currently, only non-full-time employees who meet the specified work hours or salary earned thresholds have the option to join OMERS.
- The change would mean that all non-full-time employees will be eligible to join OMERS if they wish.
This assists in several ways
- Improves the appeal of non-full time work for potential employees
- Strengthens the Plan by providing for more members
- Avoids conflict of employees desiring to join and employers denying
Shared Risk Indexing:
- Changing the scope of responsibility for plan funding
- Currently OMERS pensions are fully indexed to inflation with very minimal restriction
- Items such as economy and plan maturity can put financial pressures on the Plan
- When only active members and employers bear this risk, it puts an undue and unbalanced pressure on those two
- Sharing the risk, by permitting the reduction of an annual index amount, will balance the load maintaining Plan stability
- See the heading on Shared Risk Indexing for more information
Q - While I appreciate the OPFFA's information, where can I find more.
A - There is a lot more to read here at OntarioFireFighters.Org, but the OMERS website also has information on the proposed changes, along with some additional infographics.
- The information is not specific to fire service members however is consistent
- Link to the OMERS proposed plan changes by CLICKING HERE