The OMERS Sponsors Board is proposing to make the following change that will hurt your pension.
They will be making changes to early retirement provisions.
As it stands today, OMERS members can retire early if:
- They have worked for 30 years; or
- They reach their 90 factor where your age and years of service add up to 90
OMERS wants to require members to wait until you are no more than 5 years away from the normal age of retirement before you can apply for early retirement. In other words, despite years of service and paying in to the pension plan, no CUPE member would be able to retire before the age of 60 without taking a reduced pension.