 |
January 18, 2006
Special Notice to Employers
Members can now transfer their credit without changing employers for plans covered under the MOPPs (major Ontario pension plans – including OMERS) transfer agreement.
Background
Members may be required to switch pension plans while working for you because of a change in their eligibility status. For example, an employee without teaching qualifications (previously working in an administrative capacity and contributing to OMERS) is required to contribute to our plan if they take a temporary teaching position under a Letter of Permission. Once the Letter of Permission expires, the employee is no longer eligible to contribute to the Teachers’ plan.
Prior to this change, members’ credit in the Teachers’ plan couldn’t be transferred to another participating plan unless members terminated their employment and changed employers. Now that the employee can transfer this credit, they may be able to retire earlier with a larger pension.
Important transfer deadlines
Members who have service in more than one of the MOPPs plans before December 31, 2005 have until June 30, 2006 to apply for the transfer. Members who change pension plans after December 31, 2005 have six months to apply from the date they begin contributing to their new plan.
We have recently communicated this information to your employees. Please ask employees who contact you to call our Client Services department directly for more information.
If you have any questions, please contact us.
|
|
