Retirement Options and Timing
What are the "normal retirement ages" in the OMERS plan?
NRA 60 for uniformed police and firemen
NRA 65 for everyone else
What factors determine the amount of an OMERS pension?
Credited Service and "Best 5"
How are AVCs invested within the OMERS plan?
Through the OMERS Fund
Who is first in line for the Legal Order of Entitlement?
Eligible Spouse
What animal is featured on the Canadian nickel?
Beaver.
What is a "bridge benefit" in the OMERS plan?
A temporary benefit paid from early retirement until age 65 to supplement income.
What is the basic formula for calculating an OMERS pension?
2% x Credited Service x "Best 5"
What is the main benefit of making AVCs?
To increase retirement savings
How is the survivor pension calculated?
Typically 66 2/3% of the member’s pension.
What is the national sport of Canada?
Lacrosse (summer) and Ice Hockey (winter).
What is eligible service? Provide at least 1 example.
Service with an OMERS employer that
is not credited service.
What does YMPE stand for?
Year’s Maximum Pensionable Earnings.
How much power does Bruce Power produce for the province of Ontario?
30%
Can a surviving spouse continue receiving OMERS survivor benefits if they remarry?
Yes, remarrying does not affect their entitlement to survivor benefits.
What year did Canada become a confederation?
1867
What is the term used for the process when OMERS members choose to delay their pension start date?
Pension deferral.
How does part-time service affect OMERS pension calculations?
Service is prorated based on hours worked relative to a full-time schedule
Are AVCs locked-in like regular pension contributions?
No, they are more flexible and can be withdrawn, subject to certain conditions.
What is the eligibility age for dependent children to receive OMERS survivor benefits?
Dependent children are typically eligible until age 18, or up to age 25 if they are in full-time education.
Which Canadian artist is known for painting the landscapes of British Columbia and Indigenous themes?
Emily Carr
Can OMERS members defer their CPP and still receive the OMERS bridge benefit?
Yes, they can defer CPP, but the bridge benefit will still end at age 65.
How are contribution rates determined for OMERS members?
Based on actuarial assessments of plan funding needs.
Which of the following employers does not participate in the OMERS plan?
A. Credit Valley Conservation Authority
B. Toronto Zoo
C. Carleton University
C. Carleton University
What happens to survivor benefits if there is no eligible spouse?
The benefit may be paid to eligible dependent children or as a lump sum to the beneficiary/estate as a residual refund.
Who was the first Canadian woman to go to space?
Roberta Bondar