The OMERS Pension Plans comprise the OMERS Primary Pension Plan, the Retirement Compensation Arrangement (RCA) for the OMERS Primary Pension Plan, and the Supplemental Pension Plan for Police, Firefighters and Paramedics.
When we refer to the “OMERS Plan” in our communications, it is the OMERS Primary Pension Plan that we are typically referring to, unless otherwise specified.
OMERS Primary Pension Plan
There are two components to the OMERS Primary Pension Plan: defined benefits and Additional Voluntary Contributions (AVCs). The defined benefits paid under the Primary Plan, when combined with current Canada Pension Plan (CPP) benefits, are designed to approximate 2% of a member’s average annual earnings for the highest-paid 60 consecutive months, multiplied by their years of credited service, to a maximum of 35 years.
The Primary Plan also provides eligible members with:
- inflation protection;
- a bridge benefit, which ceases at age 65, when CPP benefits are expected to commence;
- early retirement options;
- disability protection in the event a contributing member becomes disabled and is unable to work;
- survivor benefits for a spouse and dependent children; and
- portability options on termination.
Benefits payable under the Primary Plan are limited by the maximum pension allowed under the Income Tax Act (ITA). The Primary Plan's financial statements are set out in the Notes to the Consolidated Financial Statements.