Let your OMERS members know that the lump-sum transfer option to an Additional Voluntary Contributions (AVC) account becomes available again from January 1 through to April 30, 2012.
Lump-sum fund transfers to an AVC account is an option available to all OMERS members, including active members, members with a deferred pension and retired members to the end of the year they turn age 70.
Members can transfer funds to an AVC account from registered retirement vehicles such as an RRSP, a locked-in retirement account (LIRA) or another registered pension plan. OMERS does not impose a minimum or maximum amount that can be transferred; however, transfers coming from another registered pension plan may be limited by the plan administrator, in accordance with transfer rules. Encourage your members to check prior to the transfer.
Any time during the year, active members also have the option to set up and modify pre-authorized debit payments into their AVC account every two weeks (minimum of $20) or monthly (minimum of $40).
In 2012, OMERS will include AVC information in our active and retired member information sessions. Encourage your members to check online in early January 2012 for upcoming dates and locations.
Members can also learn about AVCs by viewing our online resources, including three new video testimonials from members.