Employer Newsletter

Normal Retirement Age Conversion

Normal age retirement conversion affects a small group of OMERS police and firefighter members. A police or firefighter member’s normal retirement age can change when the member moves to another OMERS employer or changes their occupation within an OMERS employer or if the member’s employer passes a bylaw or resolution to change the normal retirement age for a class of employee.

To ensure these members have the information they need:

  • A new online resource will soon be available; and
  • Improvements have been made to election package provided to members whose normal retirement age has changed from age 65 to age 60.

New Online Resource for Members

There is a new Normal Retirement Age addition to the “Members” section. It includes:

  • The basics, for example, how normal retirement age affects the earliest age a member can retire.
  • Normal retirement age conversion from age 65 to age 60 and vice versa.
  • Detailed information on buying the service adjustment related to normal retirement age conversion from age 65 to age 60, including information on the cost and case studies.

Reminder: OMERS online Employer Administration Manual is where you’ll find the employer-focused information on normal retirement age. The new online resource is for OMERS members.

Enhanced Election Package

The election package provides a member with details about the service adjustment related to the normal retirement age conversion from age 65 to age 60, the cost to buy the service adjustment, and an election form. OMERS automatically provides an election package when a member’s normal retirement age changes from age 65 to age 60. Members can also request an updated election package by contacting OMERS Client Services.

The enhanced election package has more information to help members make an informed decision.

IMPORTANT!

Our computer system used for normal retirement age conversions is being upgraded early in 2012. During the period from January 1 to June 30, 2012, we will not be able to produce the package detailing the service adjustment, the cost to buy the service adjustment and the election form.

Please note the following:

  • Packages will be produced and sent to members as soon as the system is available.
  • For new normal retirement age conversions reported to OMERS between January 1 and June 30, 2012, the cost to buy the service adjustment will be determined as at the date of conversion.
  • For members who have already received a normal retirement age conversion cost in the past and request an updated cost, the cost to buy the service adjustment will be determined as at the date we receive the request.
  • In both cases above, OMERS will guarantee the cost for 6 months following the date the conversion cost package is prepared.

        Examples:

    • If your date of conversion is February 1, 2012 and your conversion cost package is produced on June 30, 2012, your conversion cost will be determined as at February 1, 2012 and will be guaranteed until December 31, 2012.
    • If you have already received a normal retirement age conversion cost in the past and you request an updated cost on February 1, 2012 and your conversion cost package is produced on June 30, 2012, your conversion cost will be determined as at February 1, 2012 and will be guaranteed until December 31, 2012.