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Our history

2008

Effective January 1, 2008: new method of calculating inflation increase. The new inflation increase method aligns with the way Canada Pension Plan (CPP) increases pensions.

2007

OMERS Sponsors Corporation (SC) introduces a "deemed termination" option for OMERS members who apply for a shortened life expectancy benefit.

2006

The new OMERS Act was proclaimed on June 30, 2006. This legislation establishes a new and independent governance model for OMERS that gives employers and employees more control of the OMERS pension plan. This new model will be reviewed in 2012 to assess its fairness, accountability and efficiency.
Read more about the new OMERS Act.

2005

Plan changes take effect January 1, 2005: child survivor benefit extended to age 25 for students; OMERS bridge benefit paid to all retired members to age 65; disability benefits extended to members who become disabled due to a “pre-existing” condition (one they had before they joined OMERS); members holding two or more OMERS-covered positions at the same time are no longer required to retire from all positions to receive a pension.

2004

Full contribution rates return beginning with first full pay in 2004. (The full rates are slightly higher than OMERSformer full rates.)
January 1, 2004: early retirement window partially closes; early retirement age requirements and penalty return to normal.
December 31, 2004: early retirement window closes; enhanced factors end.

2003

Contribution holiday ends with contributions reinstated, at one-third of full rates, with the first full pay period in 2003.
Early retirement window partially closes: early retirement age requirements and reduction factor return to normal on January 1, 2004; enhanced factors continue to December 31, 2004.
Four e-Forms added to OMERS e-access, enabling employers to request pension estimates, enrol members, and report leave periods and contribution remittances online.
Online Pension Estimator expanded to estimate income from other sources and compare post-retirement income to pre-retirement income.
Province approves return to full contribution rates beginning with first, full pay in 2004. (To reflect the actual cost of benefits, the new full rates are slightly higher than OMERS full rates were before the contribution holiday.)

2002

Early retirement window changes: factors changed to 82/77 (for normal retirement age 65/60).
OMERS e-access gives employers instant online access to member database; e-Form 143 follows, enabling employers to notify OMERS of member events online.
Online Buy-back Estimator joins Pension Estimator.
OMERS awarded "AAA" enterprise and counterparty credit rating by Standard & Poor's and Dominion Bond Rating Service.

2001

Early retirement window extended: gradual increases in early retirement factors, returning to normal December 31, 2004; retirement within 15 years of normal retirement age to end December 31, 2003.

2000

Reduction to OMERS bridge benefit to age 65 results in a higher lifetime pension: 0.7% to 0.675%; transition to five-year average YMPE.
Member and employer contribution holiday extended through to December 31, 2002.

1999

Member and employer contribution holiday extended through to December 31, 2001.
Early retirement window, January 1, 1999, through December 31, 2001: early retirement factors changed to 80/75 (for normal retirement age 65/60); early retirement for all members within 15 years of normal retirement age.
Guaranteed inflation protection increases to 100% of annual CPI increase (max. 6%).
Survivor pensions increase: 66 2/3% plus 10% for each eligible child (up to 100% of member's pension).
Contributions made after 35 years of credited service refunded.
50% Rule repayment required to merge service on re-enrolment.

1998

Member and employer contribution rates decrease by two percentage points from 1st pay period of 1998, through December 31, 2002.
Member and employer contribution holiday begins pay period including August 1, 1998, through July 31, 1999.
All pensions, deferred pensions, and disability waiver benefits increased to reflect at least 100% of CPI increases since they began.
Survivor pensions increase: 66 2/3% plus 8 1/3% for each eligible child (up to 75% of member's pension).
Same-sex spouses become eligible to receive OMERS survivor benefits.
Members with shortened life expectancy now able to "unlock" and receive a cash refund of their pension's commuted value.
OMERS becomes able to transfer pensions to private sector pension plans.
Organizations providing local government services, and other related organizations, become eligible to participate in OMERS.

1997

Early retirement window, November 30, 1997, through December 31, 2002: early retirement factors changed to 85/80 (for normal retirement age 65/60); early retirement reduction changed from 5% per year to 2 1/2% per year member falls short of the lesser of normal retirement age, 30 years of service, or the early retirement factor.

1996

Deadline for employers to enter into an extended early retirement window (Revised Type 7) extended to March 31, 1999.

1995

Ryerson Polytechnic University and Colleges of Applied Arts and Technology (CAAT) Pension Board begin to manage their respective pension plans.

1994

Further early retirement window (Type 7) benefits introduced for members with a normal retirement age of 60 during Social Contract period: age 45 retirement; 75 Factor.
Other Social Contract benefits introduced: cost of Social Contract Broken Service may be shared between members and employers; phased-in retirement allowed within last five years; temporary Social Contract lay-off purchasable as Broken Service; up to 12 Social Contract leave days, or equivalent wage reduction, per year credited at no cost.

1993

Enhanced early retirement window (Type 7) introduced: 80 Factor; age 50 for members with a normal retirement age of 65; unreduced pension at age 60. Window is funded by plan surplus during Social Contract period.
Retirement Compensation Arrangement (RCA) introduced - high wage

1992

Guaranteed inflation protection introduced - 70% of annual CPI increase (max. 6%).
Members stop making contributions when they reach 35 years of credited service.
Changes due to Income Tax Act introduced: definitions of "disability" and "dependent child;" limits to leaves of absence and maximum pension.
OMERS Board expands to 13 members - adding one retired member and one employer representative.
Plan changes require members and employers to share any funding shortfall or surplus equally.
Employers now able to change the normal retirement age of a class of their police or firefighter members.
Retired members who become re-employed may re-enrol in OMERS and maintain their pension.
Disability benefits resume if member's relapse occurs within six months. earners have their pensions based on their full earnings.

1991

All pensions increased to reflect at least 75% of CPI increases since they began.
Date pensions are increased for inflation moves from July 1 to January 1.
30 Year provision introduced: early retirement without penalty for members within 10 years of normal retirement age who have at least 30 years of service.
Members now able to "buy back" their previous eligible public service.
Spouses of members who (re-)marry after retirement become eligible to receive OMERS survivor benefits.

1989

OMERS Realty Corporation created.

1988

All pensions increased to reflect at least 60% of Consumer Price Index (CPI) increases since they began.
Survivor pension increases to 60% of member's pension.
Changes to Ontario Pension Benefits Act take effect: OMERS contributions become locked in after two years of plan membership; 50% of a member's pension must be paid by employer; guidelines for safe pension investing ("prudent person" rule).

1987

85 Factor introduced (version of 90 Factor for members with a normal retirement age of 60).

1983

90 Factor introduced: early retirement without penalty for members within 10 years of normal retirement age whose age plus service equals at least 90.

1981

Survivor benefits become available to spouses of remarried members, and are no longer reduced based on the spouse's age.

1979

OMERS begins investing all new funds in marketable securities.

1978

Pension formula changes to 2% of average of member's highest five years of earnings, integrated with CPP.
Member and employer contribution rates increase by 1.5 percentage points.
Disabled members who qualify no longer have to make contributions.

1976

Employers now able to offer their members service purchase arrangements ("Optional Service") through OMERS.

1975

OMERS begins investing part of Fund in marketable securities.
Widowers become eligible to receive 50% OMERS survivor pension.

1972

Municipal councillors become eligible for OMERS membership.

1971

Surviving spouse's pension increases: additional 10% for each dependent child (up to 75% [max.] of member's pension).

1969

Disabled widowers become eligible to receive OMERS survivor pension.
Payments to children of deceased members extended from age 18 to age 21.

1968

All municipal employees hired after July 1 join OMERS.
Minister of Municipal Affairs transfers responsibility for OMERS to 11-member Board.
Pension formula increases to 2.2% of the average of a member's career earnings.

1967

Employers now able to offer members enhanced "supplementary" benefits through OMERS.
OMERS begins to manage Colleges of Applied Arts and Technology (CAAT) Pension Plan.

1966

OMERS contributions and benefits become "integrated" (blended) with newly created Canada Pension Plan.
Utility commissions and children's aid societies become eligible to join OMERS.

1965

Ontario Pension Benefits Act locks in OMERS contributions when members reach age 45 and 10 years service.
OMERS begins to manage Ryerson Pension Plan.

1963

First members enrolled January 1.
Pension formula based on 2% of the average of a member's career earnings.