If there is any discrepancy between the information in this newsletter and the Ontario Municipal Employees Retirement System Act, 2006 (OMERS Act, 2006) and the Plan text, the OMERS … Look at it as if it were the bond portion of a portfolio. Not sure if this is true but someone recently told me that a pension fund is offering a 10 per cent bump to take the commuted value. Keep sending emails to the OMERS SC Board. But soon after got flipped around to be more of a book keeping clerk/ finance assistant which I had no training on ,hence my poor performance. OMERS is one of Canada's largest defined benefit pension plans, with $109 billion in net assets (as at December 31, 2019). Investments are aimed at generating superior, risk-adjusted returns to help deliver strong and sustainable pensions to OMERS … Hit Glass ceilings very quick. At the upcoming meeting of the OMERS Board of Directors, changes to the pension plan will be voted on. Worked at OMERs at first enjoyed my role thinking I would do alot of what was discussed in my description. And once they cancel our raises, it will take 2/3 of this board – made up of both unions and employers – to reinstate our cost of living increases again. Good Benefits - maternity/paternity leave, dental is very comprehensive, 4 weeks vacation, participating in the omers pension plan, CEO is all about work-life balance. Following the most recent review, some changes to the Plan were proposed. Not only will OMERS members receive a top drawer pension… It has $109 billion in assets. Now, I'm not going to lie, I'm on record stating that OMERS, OTPP, AIMCo and the Kuwait Investment Authority went a little nuts four years ago when they won the takeover battle for London City Airport with an offer of about £2bn.. Don't get me wrong, pandemic or no pandemic, it's a great asset but they bought it at nosebleed valuations. I know this may be a dumb question but is totally safe to depend on Omers pension when it comes down to retirement or should I start putting money into rrsp ( contribution will be less) 8 comments. President Thomas also submitted a question at the AGM: Wouldn’t it be better to delay the vote until OMERS members can give it their full attention? Members have been rightly focused on keeping our families and communities safe and healthy. Joint letter to Minister of Health re Vaccination of Health Care Workers, Sector 19 Newsletter - To the Point: Winter 2020, OPSEU/SEFPO supports the OHRC in calling for stronger human rights enforcement in Ontario’s universities and colleges, Paid sick leave for all LBED members who test positive for COVID-19, OPSEU/SEFPO to Ontarians: Support local businesses during lockdown, Ministry of Health coronavirus situation report #330, Ministry of Health coronavirus situation report #329. That means our raises in retirement will depend on whether 2/3 of the SC Board think the fund is healthy enough to give us a raise. CUPE Ontario members, the single largest group of members in OMERS, will never stop fighting for the indexing of our pensions. A public sector pension plan is about as safe as they come. LocationOntario Public ServiceEmployees Union100 Lesmill Rd.Toronto, ONM3B 3P8, Stay in TouchHead OfficeMonday to Friday 8:30 am to 4:30 firstname.lastname@example.org, 2020 Ontario Public Service Employees Union, Ontario Public Service – Corrections Bargaining Unit, Boards of Education and Cultural Institutions, Ontario Public Service Employees Union Constitution 2019, Grievance Awards Database: Links and Resources, Job Opportunities for Hospital Professionals, Shop OPSEU Enterprises: Member Discount Programs, Ontario Municipal Employees Retirement System [OMERS], President Thomas wrote a letter to the OMERS SC Board. The largest pension plan, covering 39,000 current and former civil servants, NB Power employees and others is the Public Service Pension Plan. OMERS is a great pension plan. They’re at it again. ATU 1320 urges you to let OMERS know we need key benefits, like guaranteed indexing, so we can live with dignity after we retire. By signing in, I agree and confirm that I will only use eAccess and the information provided in it for the purpose of administration of the OMERS Pension Plans. As a result, we will not be accepting member walk-ins. Tom Feigs is a certified financial planner with Money Coaches Canada in Calgary. To keep your pension safe and to send OMERS the message below, please input your name and email address to … If I actually think about the the pension is worth quite a bit I can afford to be risky in the tfsa and rrsp. I know this may be a dumb question but is totally safe to depend on Omers pension when it comes down to retirement or should I start putting money into rrsp ( contribution will be less). Dear OMERS Plan members, CUPE Ontario is profoundly disappointed to report to you that the OMERS Sponsor Corporation Board of Directors has voted in favour of eliminating the guaranteed indexing of your pension for service worked after December 31, 2022. Many of us have already taken action by sending emails and attending the OMERS AGM by webcast on April 8th and asking the OMERS Board some tough questions. Spoke to my boss about it but fell on deaf ears. President Warren (Smokey) Thomas will be hosting two Telephone Town Hall sessions on Tuesday, May 12 to share information, answer your questions and mobilize to oppose this change to the OMERS pension plan. The process takes just a few minutes and provides you with safe and secure access to your pension information 24/7. save. While we are not immune to current market conditions, your OMERS pension is built for the long run. Tim Kiladze of The Globe and Mail reports Canada’s top pension funds issue rare joint call for better ESG disclosures: The heads of Canada's eight largest pension funds, collectively responsible for $1.6 trillion is assets, are banding together for a rare joint request, pleading with corporations to beef up their environmental, social and governance disclosures by reporting the data … Rather, half of all state and local pensions have cut benefits since the 2008 market meltdown. “I feel safe with it. OMERS is a great pension plan. The 400,000 members of one of Canada’s largest pension funds now have an even better way to fund their retirement. Close. The answer was blunt from OMERS Board Chair Michael Rolland: No. MAnagement on the investment system support side does not align with CEO goals of work life balance. In June 2020, the OMERS SC Board will be voting on whether to move from guaranteed indexing to “shared risk” indexing. In June 2020, the OMERS SC Board will be voting on whether to move from guaranteed indexing to “shared risk” indexing. Posted by 2 months ago. Mr. Rolland says they will be “engaging digitally” with us in the weeks to come before the vote in June. It’s 97% funded, and well on track to return to 100% funding. Our pension promise is very important, both to you and to us. OMERS pensions will still be fully indexed except for pensions earned AFTER Jan. 1, 2023 If you earn pension time after January 1, 2023, only that portion is subject to adjustment The OMERS Board of the day MUST vote 2/3 in favour to make any reduction in the indexing for that particular year (for those years earned after 2022). There is no reason to do this. Take Action - Petition Closed. We are earning every penny of our retirement raises, now and always. OMERS is one of the country's largest defined-benefit pension plans. But the OMERS SC Board insists on holding their vote in June 2020. It has 100% guaranteed indexing, which means retirees are guaranteed cost of living raises every year. By signing in, I agree that I have read and agree with the OMERS Confidentiality and Access Agreement on the e-access registration form. But they have refused to tell us what exactly would trigger the cancellation of our raises. Advertisement. share. The average public pension … I promise you that our campaign does not end here. President Thomas wrote a letter to the OMERS SC Board asking them to postpone the vote and reschedule it several months after the coronavirus crisis is over, so that OMERS plan members can focus their attention on fighting COVID-19 now, and then have the opportunity to put their minds to their pension later. There are several things we can do right now to protect our raises in retirement: Save the date! Let’s protect our pension plan together. About OMERS Private Markets (“OPM”) OPM (Borealis and OMERS Private Equity) invests globally in infrastructure and private equity assets on behalf of the OMERS pension plan. Fairfax Financial Holdings Ltd. and OMERS, the pension plan for Ontario’s municipal employees, announced they have entered into an agreement where OMERS will acquire a … For Clarke, moving retirement savings that she had outside of her OMERS pension to the AVC program was more of a relief than a concern. … And now, here we are again. OMERS has been monitoring the status of COVID-19 and has implemented operational changes to keep our visitors and employees safe while continuing to support members, employers and stakeholders. Ontario Municipal Employees Retirement System, one of Canada’s largest pension funds, cut its stock holdings in the nick of time, as economic growth concerns heightened amid a deathly virus outbreak. Meanwhile, the OMERS DB pension and the AVC (RSP) is nicely accumulating for retirement. report. You can also do OMERS AVCs (additional voluntary contributions) and basically just have them manage your money for you. Check your annual pension statement to see if they are underfunded. Early arrival gives OMERS’ new CEO a … We at OMERS are responsible for protecting your pension – today and into the future. OMERS Pensioners to Receive an Increase of 0.94 Percent in 2021 Back to Search OMERS inflation protection increases retirement, disability, and survivor pensions. As of December 2019, OMERS had C$109 billion in net investment assets. But since I have a hoopp pension I consider that my safe part of retirement. 9 were here. “Incoming OMERS CEO Blake Hutcheson has the power to breathe new life into LifeLabs and there isn’t a second to spare – lives and livelihoods are at risk.” Members whose pensions began in 2020 (prior to December) will receive a pro-rated increase. Avg 7% returns ainât bad. Itâs not for everyone though. You can learn about the proposals here. OMERS inflation protection increases retirement, disability and survivor pensions. With interest rates as low as they are the commuted value of your pension has never been higher. The plan is healthy. For those whose pensions begin in December 2020, they will be eligible to receive their first increase on January 1, 2022. Even those in large pension plans such as the Ontario Teachers Pension Plan and Ontario Municipal Employees Retirement System (OMERS) have been faced not only with increased contribution rates but also stories of huge shortfalls in the pension fund. OMERS remains a defined benefit pension plan, focused on paying predictable monthly incomes to its members in retirement. One such group, Fair Pensions for All, claims that the OMERS DB pension plan, which provides pensions for former municipal employees in Ontario, is unsustainable. Pension plans around the world are struggling with low interest rates and the impact this is having on their ability to meet future obligations. Cons. In fact, the plan is doing so well that the SC Board members gave themselves large raises this year – while trying to take away our guaranteed raises in retirement. As part of this responsibility, the OMERS Sponsors Corporation Board reviews the health and viability of the Plan every year. Remember too that pensions are not guaranteed. OMERS Financial Services Toronto, ON 27,085 followers We're one of Canada's largest defined benefit pension plans, with $109 billion in net assets (as at December 31, 2019). More posts from the PersonalFinanceCanada community, Continue browsing in r/PersonalFinanceCanada, Press J to jump to the feed. OMERS Infrastructure manages investments globally in infrastructure on behalf of OMERS, the defined benefit pension plan for municipal employees in the Province of Ontario, Canada. You can choose 11 a.m. or 7 p.m., whichever works best with your schedule. Your support is needed to tell the board to protect our pension plan. Since you have a pension, put your money into a TFSA and then RRSP once TFSA maxed. Current Assets for OMERS is $93,748,000,000 and SWFI has 47 periods of historical assets, 24 subsidiaries, 1,650 transactions, 8 Opportunities/RFPs, 177 personal contacts available for CSV Export. The board of the pension sponsor corporation will vote on what to do about OMERS benefits in November. It has become one of the largest institutional investors in Canada. How safe is your pension? In the meantime, you can send your questions and comments for the May 12 Telephone Town Hall to OMERStownhall@opseu.org. Omers pension safe. For the third time in 4 years, OMERS is pushing a proposal to eliminate guaranteed indexing which, if passed, could allow inflation to erode the value of your pension. Several of these changes have the power to negatively affect plan members and their retirement plans. Ontario Municipal Employees Retirement System (OMERS) is a Public Pension located in Toronto Canada, North America. Omers pension safe. Well, if they want engagement, let’s give it to them. CEO is responsible for keeping workers and the public safe “The results have come back and LifeLabs has tested positive for dangerous mismanagement,” said Thomas. Advertisement. 8. We should be proud of the work that we are doing on the front lines of the coronavirus crisis. Today OMERS is funded at 94 % and given that the plan is on target to be fully funded in 2025, it will likely take several more years to reach the 109% mark – if that is even possible. This time they’ve given it a new name: “shared risk indexing.” But it’s pretty much the same old thing as before: the OMERS Sponsors Corporation (SC) Board is looking to ditch guaranteed indexing. Twice in the past three years, members of the OMERS pension plan have fought off “conditional indexing” which threatens our cost of living raises in retirement. If true, that should tell you that the pension industry is worried about low interest rates and how they impact their business model. Continue to contribute some to equities in your own accounts. This means that for service worked after December 31,… I donât know if this is stupid or not. For pension purposes, this is the projected death rate of members used by the pension plan's actuary, a person hired by the trustees to statistically analyze liabilities and benefit payments. Public pension benefits were not increased one iota over the period. Demand that they protect our raises in retirement by voting to keep guaranteed indexing. The “Shared Risk indexing” proposal passed. Yes it's 99.9% safe. This means that after 2025 it will be impossible for members to know when or if they will receive indexing, which is a huge loss of pension security. Keep sending emails to the OMERS SC Board. OMERS must not implement these changes. Press question mark to learn the rest of the keyboard shortcuts. This has not changed, even with the global pandemic situation. Investments are aimed at steady returns to help deliver secure and sustainable pensions to OMERS members. Taking over as CEO of a pension fund is never going to be easy, but Blake Hutcheson did so in the midst of the global pandemic. The Ontario Municipal Employees Retirement System (OMERS) is a Canadian pension fund created by Ontario provincial statute in 1962 to manage the retirement benefits of all local government employees in the Canadian province of Ontario. hide. My tfsa and rrsp I am very much straight equities. Many pensions are underfunded and one should pay attention to this. It has 100% guaranteed indexing, which means retirees are guaranteed cost of living raises every year.