At the end of last year, the OMERS Sponsors Corporation (SC) Board approved two of the six proposed changes as a result of the Comprehensive Plan Review. On February 15th, the Plan was amended to reflect the following changes effective January 1, 2021:
- Elimination of the 35-year cap for credited service
This approved change removes the 35-year cap on credited service for members with less than 35 years of credited service prior to January 1, 2021. Members who are retired or deferred prior to the effective date are not impacted by the change. If a member meets the 35-year cap before January 1, 2021, the limit will continue to apply.
- Option to negotiate NRA 60 for paramedics
This approved change provides the option for paramedics to have a normal retirement age of 60 (NRA 60), subject to negotiation, starting on January 1, 2021. Paramedics will not automatically be eligible for NRA 60 benefits. As of January 1, 2021, an OMERS employer can elect to provide NRA 60 benefits to all or a class of paramedics. For unionized employees, NRA 60 benefits are subject to negotiation between employers and unions.
Member communications will be sent out in the coming weeks. In the meantime, here are the top five frequently asked questions (FAQs).