Glossary

Affiliation

This is the union or association that has authority to bargain under the Labour Relations Act or the Police Services Act and for which your employer deducts fees or dues from your pay. If these two conditions are not met, your affiliation is Management/Union Exempt/Non-union.

Beneficiary

Survivor benefits are a key feature of the plan. Your eligible spouse and/or eligible dependent children are first in line to receive any benefits payable. The next in line in the OMERS order of entitlement is your beneficiary(ies), and then your estate. This means your eligible spouse and/or eligible dependent children are entitled to the survivor benefit first - regardless of who you have designated as your beneficiary(ies).

You may designate a person, institution or your estate as your beneficiary. You may name more than one beneficiary.

Beneficiary entitlement percentage

This is the percentage of any survivor benefit each beneficiary will receive. If you did not specify a percentage when naming your beneficiaries, OMERS splits the benefit equally. If one of the beneficiaries is deceased, their share would be divided equally among the remaining beneficiaries.

"Best five" earnings

This is the annual average of your highest 60 consecutive months - your best five years - of contributory earnings.

Bridge benefit

Your OMERS pension consists of a lifetime pension plus a bridge benefit. If you retire before age 65, the bridge benefit is paid until you reach age 65.

Contributory earnings

Contributory earnings include only your regular earnings - additional amounts such as overtime pay and most one-time lump-sum payments are not included. So, your contributory earnings may differ from what you report for income tax on your T4.

CPP

The Canada Pension Plan (CPP) is part of Canada's public pension program. CPP provides basic benefits when a contributor to the plan becomes disabled or retires. At the contributor's death, CPP benefits are paid to his or her survivors.

For more information about CPP pensions, contact Service Canada at 1-800-277-9914.

CPP maximum

Each year, the Canada Pension Plan (CPP) sets a maximum amount that you can receive from CPP. How much you receive is based on how much and for how long you contributed to CPP.

For more information about CPP pensions, contact Service Canada at 1-800-277-9914.

Credited service

Credited service is your paid service. This does not include service for which you've had contributions refunded. We use your years of credited service and your earnings to calculate your pension.

Current annual salary rate (buy-back estimator)

If you work full-time, enter your annual salary (before tax and other deductions).

If you work part-time, enter your annualized salary. Your annualized salary is the equivalent of what you would have earned if you worked full-time. Your salary can be annualized as follows:

  • calculate the % of full-time hours you work (e.g., 60%); then
  • take your actual annual salary before tax and other deductions (e.g., $25,000), and divide it by the % of full-time hours you work (e.g., 60%), then multiply by 100%:
    $25,000/60% x 100% = $41,666.66

In this example, you would enter $41,666.66.

Early retirement reduction

You can retire as early as age 55 (age 50 for police and firefighters). Your early retirement pension will not be reduced if your age + credited service + eligible service equals at least 90 (85 for police and firefighters) or at least 30 years.

For more about OMERS pensions, see the online Member Handbook available at www.omers.com.

Eligible service

Eligible service is service with any OMERS employer that isn't credited service. We add your credited service to your eligible service when we calculate your early retirement factor.

Employee ID

Your employer provided ID.

Employment insurance premiums

Your employer deducts employment insurance premiums on your earnings up to a set limit each year.

Employment status

Your OMERS employment status is either full-time or part-time.

Note: 10-month employees working for a school board are considered part-time for OMERS purposes.

Enrolment date

Date you were enrolled in OMERS. Your enrolment date can be different from the date you were hired.

If you purchased service before your enrolment date, we do not change your enrolment date. However, the purchased service will be included in your total credited service.

Hire date

Your hire date with your current employer.

If your current membership was combined with a previous membership, we only display your hire date with your current employer. However, we keep track of all your service and any service you had with a previous OMERS employer stays on our records, and is included in your pension entitlement.

Lifetime pension from age 65

Your OMERS pension consists of a lifetime pension plus a bridge benefit. If you retire before age 65, the bridge benefit is paid until you reach age 65. Your lifetime pension is paid as long as you live.

Lifetime pension plus bridge to age 65

Your OMERS pension consists of a lifetime pension plus a bridge benefit. If you retire before age 65, the bridge benefit is paid until you reach age 65. Your lifetime pension is paid as long as you live.

OAS

Old Age Security (OAS) is part of Canada's public pension program. It provides a monthly pension to most people. Generally, you must have been a resident of Canada for at least 10 years after your 18th birthday to receive OAS in Canada.

PA

A Pension Adjustment (PA) reflects the value of the pension you earned.

Your employer calculates and reports a PA each year to the Canada Revenue Agency on your T4 slip for your regular service and any service purchases from the previous year.

RCA contributions

Contributions made to the Retirement Compensation Arrangement (RCA). Contributions made on your contributory earnings over the maximum Registered Pension Plan (RPP) earnings limit are made to the RCA. The RCA is a special trust fund which pays pension amounts in excess of the Income Tax Act limit.

Retirement date

Your pension begins on the first day of the month following the month in which you retire.

Retro pay

A payment made in one year that applies to work in a previous year.

RPP contributions

OMERS pension contributions made on your contributory earnings up to the maximum Registered Pension Plan (RPP) earnings limit.

Termination date

This is the date that your employment ended, as reported by your former employer. If this is incorrect, please contact OMERS Client Services at 416-369-2444 or 1-800-387-0813, Monday to Friday between 8 a.m. and 5 p.m.

Types of service

You may have one or more types of service:

  • Regular service - service you earned while you were working for your OMERS employer.
  • Broken service - purchased service for a leave of absence.
  • Disability waiver - service you earned while on disability.
  • Omission period - service you purchased for an omission period.
  • Transfer-in - service you transferred into OMERS from another plan.
  • Buy-back - previous service you purchased.
  • Optional service - previous service you purchased through a Supplementary Type 1 agreement with a buy-back provision.
  • Normal retirement age 60 to 65 conversion offset - the service adjustment applied when your employer changed the normal retirement age for your employee class.
  • Supplementary Type 1 - service you earned before your employer's participation date in OMERS (service was purchased through a supplementary agreement provided by your employer).
  • Supplementary Type 2 - service you purchased through a supplementary agreement provided by your employer.

YMPE

The Year's Maximum Pensionable Earnings (YMPE) is the Canada Pension Plan (CPP) earnings limit. Your employer deducts CPP contributions on your earnings up to this limit each year.