It’s never too early to plan for a safe and secure retirement
Retirement and pension plans seem part of a distant future for Jennifer King, 27. She was shocked to see her year of retirement on her OMERS Pension Report.
“The year 2047 is when I turn 65, which is so far away!” said the Employee Relations Officer at the Thames Valley District School Board (TVDSB).
Jennifer, who works to solve employee and labour issues, wishes she could solve her student debt before saving for retirement.
“It can be hard to see a big percentage come out of my paycheck for my pension plan,” she says.
While contributions may seem high for young members, this amount only represents about 15% of what you might collect in retirement. It’s a great return on your investment.
Portability
Jennifer also says those graduating from school now think differently than their parents about career planning.
“It’s interesting because I think people around my age don’t necessarily envision themselves working for the same employer for 30 years,” she says.
Jennifer thinks young members want to know what happens to your pension plan if you switch employers.
OMERS has a range of options for members who leave their employer. For instance, you may choose to leave your earned benefit in the pension plan or transfer your benefits to another registered plan or a locked-in retirement account.
OMERS Member News recently spoke with Jennifer and three other young members, between the ages of 20 and 35, to find out their take on the pension plan.
Daniela Verna, 32, sees her pension plan fitting neatly into her future. “It’s a big part of my future because I do hope to have a long career here at Halton Region,” she says.
Daniela, an Employment and Development Advisor, says being a member of OMERS means stability in retirement.
She reads OMERS Member News to understand her pension plan. “That definitely helps me keep on top of things that are happening within OMERS,” Daniela says.
In between providing recruitment advice, she has also made time to attend an OMERS Member Information Session.
“I was quite impressed with the knowledge of the OMERS speaker and also his ability to really engage the audience,” said Daniela.
Online Information
Teri Waud, 28, would prefer more online communication to learn about her OMERS benefits. The Public Affairs Assistant at the TVDSB is interested in having personalized online access to her pension information.
“I’m definitely very technologically inclined. If I had access at my finger tips, I think I would have a far better understanding of what I’m being offered and what it all means,” says Teri.
In fact, OMERS will provide secure online access to pension information for members by 2010.
Teri says the TVDSB is working to improve its employee orientation sessions to help new hires understand the benefits of planning for retirement.
She can identify with the new young members. “I started very young and my pension plan wasn’t exactly a very important thing to understand at the time,” she says.
Counting on OMERS
Michelle Novielli, 23, was recently hired at the Region of Durham. She joined OMERS in September 2008.
“I don’t know too much about my plan yet, but I’d like to know more,” says the Corporate Communications Co-ordinator.
Michelle, who specializes in media relations and internal communications, is excited as she starts to plan her future. “I might take a big vacation, or I might get married, or I might have a family,” she says.
While her plan for the coming years is still uncertain, Michelle knows she can count on OMERS when she retires. “It gives me that little bit of assurance and confidence that I’ll be okay down the road.”
“I don’t have to worry about my financial future,” she says.
