News

2011 temporary contribution rate increase

August 25, 2010

OMERS Sponsors Corporation (SC) has announced a three-year contribution rate increase for members and employers: an average 1% of a member's earnings per side in 2011, 1% in 2012, and 0.9% in 2013. Beginning with the first, full pay period in 2011, the rates paid by active members (and matched by their employers) will be as follows. (The exact rates for 2012 and 2013 will be determined next year.)

2010

2011

Normal retirement age 65 members

On earnings up to the CPP earnings limit*

6.4%

7.4%

On earnings over the CPP earnings limit*

9.7%

10.7%

Normal retirement age 60 members

On earnings up to the CPP earnings limit*

7.9%

8.9%

On earnings over the CPP earnings limit*

13.1%

14.1%

*CPP earnings limit in 2010 is $47,200; the limit in 2011 will be higher.

More details and examples will follow – both online and in our next edition of Member News.