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By Shempatolla (registered) - website | Posted August 23, 2012 at 10:44:20 in reply to Comment 79751
Retirement in the OMERS pension plan is based on the 85 factor with years of service and age adding up to 85. Our normal unpenalized retirement age if you do not meet the 85 requirement is 65.
Pension is I believe 60% of salary averaged over the best 5 years and is taxable.
The OMERS plan is a 50/50 contributory plan employee/employer.
As I have noted in an earlier post up until the early 2000s the plan was in surplus but a very stupid legislative clause limited the amount the fund could be over surplus. This initiated a contribution freeze. When the market tanked in 2008 the fund went into liability. Subsequently the legislation was changed and contribution percentages have gone up to rebuild the fund.
Cheers
Greg Galante
Hamilton
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