The new year will see the launch of OMERS new retirement savings and investment option – Additional Voluntary Contributions (AVCs) – available exclusively to OMERS members to the end of the year they turn 70. See if the AVC option fits your retirement savings plan.
Eligible retired OMERS members can contribute to an AVC account by transferring funds from registered retirement arrangements such as an RRSP, locked-in retirement account (LIRA), or another registered pension plan.
AVCs are similar in some ways to RRSPs, but are part of the OMERS Primary Pension Plan. Members can transfer funds until the end of the year they turn 70. The transfer-in window is from January 1 to April 30. The transferred amount begins to earn the OMERS Fund rate of return from the date it is received.
Fees and expenses are calculated on a cost recovery basis and consist of investment and administration components. Funds in an AVC account must be withdrawn by October of the year you turn 71.
Eligible retirees will receive an information package by mail. To speak to an OMERS Client Services representative about AVCs, please call 1-800-387-0813. You can also read more about AVCs in the guide, Consider the AVC Option, and the Terms of Participation.