Canadian Union of Public Employees Local 5100
UPDATE ON PROPOSED OMERS PLAN CHANGES VOTE
After an extensive Comprehensive Plan Review the OMERS SC Board voted on the proposed Plan changes
The OMERS SC Board rejected the following changes:
• replace 100 % guaranteed indexing with conditional indexing for future pensions;
• integrate the pension formula with the new “Year’s Additional Maximum Pensionable Earnings” (YAMPE) introduced as part of the enhanced Canada Pension Plan (CPP);
• change early retirement benefit to require retirees be 5 years from their Normal Retirement Age (NRA) to receive an unreduced pension (age 60 for NRA 65 and age 55 for NRA 60).