AVCs are similar to registered retirement savings arrangements, but they are part of the OMERS Primary Pension Plan - enabling members to take advantage of the same investment expertise, strategy and diversified fund they rely on for their OMERS pension.
Member response and interest has been strong. We've received many requests for more information, as well as to start automatic contributions and to transfer funds.
“What attracted me is that I think it's a very solid investment,” said Steve. “They have low administration fees and the potential for good returns.” said Steve. “I was looking for ways to increase my retirement savings beyond my pension, and AVCs are a good option.”
Transfers - All members can now transfer funds from a registered retirement savings vehicle to their AVC account. Transfers are allowed during the January 1 to April 30 window each year. There are no minimum or maximum transfer amounts imposed by OMERS.
Automatic contributions - Active members can also make automatic contributions to their AVC account, using pre-authorized debit, either every two weeks (minimum of $20) or monthly (minimum of $40).
Here's how you can get more information on AVCs.
Our Education and Training team has also been visiting some of our employers with our AVC information kiosk. This gives us the opportunity both to communicate AVCs and to see our members in person.
Attend an upcoming AVC information session near you. Check the schedule and sign up online.
For those who can't make it to one of our sessions, we've prepared an online AVC Virtual Presentation. Take a few minutes and learn how AVCs can help you to achieve savings today and retirement income tomorrow.
AVCs may not fit with everyone's investment plan, risk tolerance, cash-flow situation or stage of life. Are AVCs right for you? Find out by testing your understanding of AVCs and take the self-assessment quiz.
By now, you should have already received your introduction to AVCs - the passport-style brochure we sent to all OMERS members. If you haven't already, you can complete and return the request card at the back of the passport, and we'll contact you with more information.
In addition, we have a complete guide to AVCs - Consider the AVC option, which includes details, case studies and the Terms of Participation.
Our secure, online pension portal for members, myOMERS, is a convenient way to manage your AVCs.
Our Contact Centre is staffed with knowledgeable representatives who can answer your AVC questions when you call us, Monday to Friday between 8 a.m. and 5 p.m., at 416-369-2444 or 1-800-387-0813.
OMERS also encourages you to seek the counsel of a qualified financial advisor you trust before you make any decisions about your future retirement or investment income.