NUMBER 100 • FALL • 2014
2
Insights from
OMERS CEO
4
5
Planning Your
Future Is as Easy
as AVC
OMERS 2015
Contribution Rates
3
4
5
Pension Plans Help
Keep Economy
Healthy
myOMERS
Retirement
Income Estimator
Member
Information
Sessions
Insights from OMERS
new CEO
Sign up for
e-subscription at
myOMERS and
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Apple iPads*
See page 6
Providing a Secure and Sustainable Pension
In April 2014, seasoned OMERS executive Michael Latimer took the
reins as President and Chief Executive Officer (CEO) following the
retirement of Michael Nobrega in the culmination of a succession
planning process that began in 2010. Michael Latimer is responsible for the
overall management of OMERS, its investment entities and operating divisions.
Continued on page 2
An OMERS pension will provide you with retirement income for life and includes inflation protection, early retirement options
and survivor and disability benefits. Member News keeps more than 270,000 members up to date on Plan news and benefits.
PENSION NEWS
Continued from page 1
Member News has the
following insights from
Michael Latimer about
his role as CEO.
Q: You’ve been at OMERS for many years,
most recently serving as Chief Investment
Officer. Prior to that, you were President
and CEO of OMERS real estate investment
arm, Oxford Properties Group. How has
your background prepared you for your
role as OMERS President and CEO?
ML: My experience gives me an in-depth
and broad understanding of OMERS
investments – this is important because
a large portion of the cost of providing
pensions is covered by investment
returns. I’ve also seen first-hand the
Pension Services group’s memberfocused culture, and I know that we
must continue to focus efficiently and
accurately on providing members with
the information and services they need.
Q: OMERS diversified investment
approach includes expanding and
directly owning and actively managing
“I’m a great believer
in the value of defined
benefit pensions as
a cornerstone of the
Canadian retirement
system.”
Michael Latimer
OMERS President and CEO
2  |  OMERS MEMBER NEWS
its portfolio in Canada and around the
world. Do you see any major shifts in your
strategy?
Q: What are your thoughts on the future
and the challenges OMERS faces?
ML: We have a sound strategic plan and
that hasn’t changed. Investment returns
are the number one priority for OMERS
and while we may fine tune some things,
generally, we will stay the course with
a strategy that focuses on long-term
growth and sustainable returns.
ML: I feel positive about the future. We
are on track to be fully funded by 2025,
even though we face challenges in the
short- to mid-term. We have a plan in
place. We know returning the Plan to a
fully funded status is important to you
and it will continue to be a top priority for
me and our team.
Q: Why have you been meeting with
members, stakeholders and employees
Q: If you could say one thing to members,
what would it be?
over the past months?
ML: These meetings are key to our
success. I’ve received valuable input and
insight on what we do well and where we
can become more focused. For us, this
includes a very strong focus on what I call
value for pension dollars – aligning our
resources to ensure we fully maximize the
value of the contributions made to the
Plan by members and employers. I want
to make sure members and stakeholders
feel connected to OMERS, and that they
know this connection is very important
to us.
ML: I’m a great believer in the value of
defined benefit pensions as a cornerstone
of the Canadian retirement system. I’m
proud to be CEO of an organization
that’s committed to providing a secure
and sustainable pension to our members,
and that has a positive impact on
communities in Ontario and the Canadian
economy.
PENSION NEWS
Research Shows Pension Plans Help Keep Economy Healthy
Two studies conducted
by the Boston Consulting
Group (BCG) show that
big pension organizations,
like OMERS, have a
significant, long-term,
positive impact on the
economy, while providing
retirees with stable and
adequate incomes.
The first study released last year found
that Canada’s ten largest public pension
funds, dubbed “the Top Ten,” provide
Canadians with one of the strongest
retirement income systems in the world
and also contribute significantly to
national prosperity. The study also found
that these pension plans invest at home
and abroad, and that most of the income
paid to retirees comes from investment
returns.
The second study, published last October,
confirmed that retired Canadians with a
defined benefit (DB) pension like OMERS
have a positive impact on the economy.
DB plan retirees have a reliable monthly
income based on the number of years
they contributed to their plan. They are
more comfortable in spending what they
receive and the money they spend cycles
back into the Canadian economy. They
are also less likely to rely on government
assistance; instead, they help to fund
government programs and services
through taxes paid.
Learn more about the many benefits of
DB plans. Visit omers.com.
Moving? New email?
New phone?
Be sure to update your
info via myOMERS
OMERS accepts contact
information through myOMERS
or by phone (not by email or
from your employer).
OMERS MEMBER NEWS  |  3
PREPARE FOR THE LIFE YOU WANT
Planning for Your Future Is as
Easy as AVC
| Sponsors Corporation Update
| OMERS Administration Corporation Update
| Interactive Discussions
| Educational Session
Between your family and
career, life doesn’t allow
much time for you to
focus on tomorrow.
If you are looking for a fast and simple
way to save, consider automatic
contributions to an Additional Voluntary
Contributions (AVC) account.
Similar in many ways to RRSPs, AVCs are
part of the OMERS Primary Pension Plan
but separate from your OMERS defined
benefit pension.
AVC automatic contributions can be set
up quickly and easily online through
myomers.com, and you can participate
for as little as $40 a month.
Time is on your side – as even small
amounts can make a significant
difference when you start early.
Learn more about AVC automatic
contributions. Visit omers.com/avcs.
The myOMERS Retirement Income
Estimator Can Help With Your Planning
Are you trying to pick a retirement date?
Are you considering buying service
and you want to see if the increase to
your pension is worth the cost of the
purchase? Or, is retirement still a long
way off and you’re curious about your
future OMERS pension?
Use the myOMERS online Retirement
Income Estimator to:
• Find out when you can retire and how
much your pension could be – pension
estimates are produced instantly using
your information on OMERS database
and the information you enter.
• Take your estimate a step further and
add in other retirement income – the
snapshot of your estimated after-tax
income can help you pick a retirement
date.
• See if the increase to your pension is
worth the cost of the service purchase –
compare estimates with and without the
service purchase.
Tuesday, October 21, 2014
REGISTER NOW
[email protected]
416.350.6708 | 1.866.725.6494
9:00am | doors open
continental breakfast
and refreshments provided
throughout the morning
9:30am | fall information
-12pm meeting (including
educational session)
in-person
Metro Toronto Convention Centre
South Building, Level 700
222 Bremner Boulevard, Toronto, ON
Public parking available
live audio webcast
Visit omers.com or omerssc.com.
Visit myomers.com and click on the
Retirement Income Estimator.
OMERS MEMBER NEWS  |  4
OMERS NEWS
OMERS 2015
Contribution Rates
OMERS Sponsors Corporation approved
a small change to contribution rates for
police and firefighters (normal retirement
age 60 members) through its annual Plan
change cycle, which concluded in June.
The decision marks the end of the annual
Specified Plan Change process for 2014
to review contribution rates and consider
benefit changes.
The rate change does not affect
contribution rates of normal retirement
age 65 members. For information on
OMERS contribution rates, visit
omers.com.
The Sponsors Corporation will continue
to carefully monitor the OMERS Plan’s
funding outlook through its annual
planning cycle.
How Do I Increase My Pension?
I worked for an OMERS
employer, but was not in the
OMERS Plan, or had
an unpurchased leave
I was in a
registered pension plan
before OMERS
I cashed out my
previous pension
I still have funds in my
previous pension plan
BUY-BACK
TRANSFER
You may qualify to purchase that
time and convert it to OMERS service
You may qualify to transfer these funds
for credited service in the OMERS Plan
Use the online Buy-back
Calculator to find out what it
would cost. myomers.com
Call Client Services to find out if
your pension can be transferred.
1.800.387.0813 | 416.369.2444
Learn About Your OMERS Pension, AVCs and More
Your OMERS pension can grow into a significant financial asset. It pays to take the time to learn how it works.
Attend a Member Information Session
Watch a Webinar
Stratford
October 21
How OMERS Calculates Your Pension
October 22
12:00 p.m.
Windsor
October 28
Maximize Your Retirement Income
October 22
12:00 p.m.
Barrie
October 28
Maximize Your Retirement Income
November 20
4:30 p.m.
Hawkesbury
November 4
How OMERS Calculates Your Pension
November 20
4:30 p.m.
Brampton
November 4
Maximize Your Retirement Income
December 10
12:00 p.m.
Markham
November 6
How OMERS Calculates Your Pension
December 10
4:30 p.m.
Toronto (OMERS)
November 12
Cobourg
November 19
Thorold
November 19
Sessions run from 5:30 p.m. to 7:30 p.m.
You can register and view the complete schedule at omers.com/infosessions, or contact OMERS Client Services at 416-369-2444 or
1-800-387-0813. Register early, as the sessions fill up quickly.
5  |  OMERS MEMBER NEWS
MYOMERS
WIN One of Six Apple iPads*
Sign up for e-subscription at myOMERS for a chance to win.
myOMERS gives you a variety of online
retirement planning tools that you can
take advantage of at any stage of life.
Registering for myOMERS is quick and easy, plus selecting the e-subscription
option keeps you up-to-date with the latest information about your pension.
Visit myOMERS.com and activate your personal account today, to explore all
your pension has to offer.
*No purchase necessary. Contest ends December 15, 2014 at midnight. Only persons registered for electronic copies of mandatory pension information on myOMERS who
are resident of Ontario are eligible to enter. To register on myOMERS, go to www.myomers.com. Six (6) 16GB Wi-Fi ready Apple iPad tablets (ARV $399 each) prizes. Math
skill-testing question required. Chances of winning depend on number of eligible entries. For full contest rules, visit www.omers.com/contest.
Apple is not a sponsor of, nor a participant in this promotion. iPad is a trademark of Apple Inc.
Phone
If there is any discrepancy between the
information in this newsletter and the
Ontario Municipal Employees Retirement
System Act, 2006 (OMERS Act, 2006) and
the Plan text, the OMERS Act, 2006 and
Plan text will govern.
Monday to Friday
8 a.m to 5 p.m.
416-369-2444
1-800-387-0813
Mail
One University Ave.
Suite 400
Toronto, ON M5J 2P1
Fax
416-369-9704
1-877-369-9704
Email
Printed on paper made
from 100% post-consumer
recycled fibre.
Web
ISSN 1913-7400 (Print)
ISSN 1913-7419 (Online)
Disponible en français
Publications Mail
Agreement No.: 40010368
[email protected]
(en français ou en anglais)
omers.com
OMERS MEMBER NEWS  |  6