Enrolments
Must enrol upon hire date
What is a CFT employee
2% x years of credited service x best 5 earnings
minus 0.675% x years of credited service x best 5 or AYMPE
What is the OMERS pension formula?
An employee who severs their employment relationship with their OMERS employer prior to the age of 55/50.
What is a termination?
Occurs when a member leaves their employer within 10 years of their normal retirement age.
What is a retirement?
The projected value of the member's gross pension amount in the future.
What is a pension estimate?
700 hours or 35% of the YMPE for two consecutive calendar years
What is the criteria for OTCFT enrolment?
A temporary benefit provided to employees who retire prior to the age of 65.
What is the bridge benefit?
Postponement of taking a pension until reaching the normal or early retirement date.
What is the deferred pension option?
NRA 60
What is the normal retirement age for police officers, firefighters, and employees of police or firefighter associations?
The request from an active member for pension estimate(s) where, after they end their employment (termination date), they leave their pension benefit in the OMERS Plan (defer their pension and would like to start their pension on a future date).
What is a deferred to retirement estimate (Form 145)?
Employed and enrolled in the OMERS Plan with more than one employer at the same time.
What is a dual member?
Earnings on which contributions to OMERS are calculated
What are contributory earnings?
The genuine severing of the employer-employee relationship before a member can start their pension or receive portability options.
What is a bona fide termination?
90/85 Factor
30 years
What are the two ways a member can qualify for an unreduced pension?
One per calendar year.
What is a termination estimate?
Stop pension & restart contributions
Continue pension & not contribute into plan
What are the retiree re-enrolment rules?
The average annual contributory earnings of the member during the 60 consecutive months of highest contributory earnings (called "best five").
What are pensionable earnings?
The amount of tax-deferred money the member would have to put aside today, to grow with investment earnings, to provide a future benefit like their OMERS Plan pension.
What is commuted value?
5%
What is the reduction factor?
Annual report sent to active, deferred, disability waiver members showing their cumulative pension benefit.
What is the Pension Report?
What is a contract employee who is enrolled in the plan as a CFT employee?
A separate fund that pays benefits over and above the maximum pension that the Plan is permitted to pay according to the Income Tax Act (ITA).
What is the Retirement Compensation Arrangement (RCA)?
This amount is transferred to locked in tax sheltered vehicle
What is the maximum transfer value?
To make a pension election in advance of receiving all of the information to which they may be entitled under the PBA
What is the Advanced Election Option?
Annual document sent to pensioners providing them with updated pension amount.
What is the Annual Statement of Pension?