CF Pension to OMERS

Towards_the_gap

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Done a search, nothing found...hence..


Anyone on here transferred their pension to OMERS? I'd like to do so, and believe I can, however when I got the pension package mailed to me it had already been partially filled out, in that the block where you chose 'A- Deferred annuity B- Transfer to another pension plan or C-transfer to a locked-in RRSP' already had the box for C ticked off in pen and a few other things which led me to believe I had no choice but to cash it out as it were.

Thanks in advance

TTG
 

DAA

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As far as I know, you should be able to do it.

http://www.omers.com/pension/Transferring_Service_From_Another_Pension_Plan.aspx

You would have to speak with their HR Department and need to declare prior pensionable service at the time of hiring.  Something similar to what the CF does with regards to buying back Res F time.
 

mariomike

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If you are an OMERS member you can call Client Services at 1 800 387-0813.
 

yoman

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I haven't done it myself but I've looked into it for someone else and here are some of the sources that I have found.

Transferring Pension Credits to the Public Service Superannuation Act (PSSA), Royal Canadian Mounted Police (RCMP), or Other Pension Plans

A member who is leaving the Canadian Forces and is becoming part of the PSSA, RCMP or other pension plan (i.e. Air Canada Pension Plan, Local Authorities Pension Plan (LAPP), NAV Canada Pension Plan, Ontario Municipal Employees Retirement System (OMERS), Ontario Pension Board (OPB), Special Forces Pension Plan (SFPP)), has the opportunity to transfer his/her past service credits from the Regular or Reserve Force to these pension plans.

A member who would like to transfer Canadian Forces pension credits to another pension plan must complete the required form. The form to complete depends on which pension plan the pension credits are being transferred to:

PSSA – a member transferring his/her credits to the PSSA pension plan must complete the CFSA/RCMPSA Report of Pensionable Service (2073 form).
RCMP – a member transferring his/her credits to the RCMP pension plan must complete the Prior Service Information Request (1889) form. A member transferring his/her credits to the RCMP should consult with his/her compensation department to obtain the appropriate forms and required documentation.
Air Canada, LAPP, NAV Canada, OMERS, OPB, SFPP, and other pension plans – a member transferring his/her credits to any of these pension plans should consult with his/her compensation department to obtain the appropriate forms and required documentation.
http://www.cmp-cpm.forces.gc.ca/pen/pa-ap/rfpb-rpfr/index-eng.asp

And from the OMERS side of things.

http://www.omers.com/pension/Transferring_Service_From_Another_Pension_Plan.aspx
 

mariomike

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To the OP.

If OMERS transfers your CF pension, ask Client Services if they can put it into the Supplemental Plan for Police, Firefighters and Paramedics. NOT the Primary Plan. 
http://www.omers.com/pdf/Supplemental_Plan_handbook.pdf
 

Towards_the_gap

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Thanks mario for the help, and for all the other answers, I'll post what the outcome is when I finally get it all done so others can see the process.

Cheers army.ca-ers
 

mariomike

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Update for OMERS members still on the job.

There has been a recent change. They eliminated the 35-year cap for credited service,

"Removing the service cap helps to address the needs of long-service members who want to work beyond the 35-year service limit. By earning more credited service under the Plan, members will increase their lifetime pensions."
https://www.omers.com/Sponsors/The-Comprehensive-Plan-Review/Summary-of-Proposed-Options/Credited-Service

For OMERS retirees,
Municipal Retirees Organization Ontario ( MROO )

MROO was created as a not-for-profit corporation in 1977. We speak on behalf of all OMERS retirees and currently provide services to 22,000 members.

Our board consists of elected directors from nine zones across the province. We are an independent, non-partisan organization formed to voice the interests of all OMERS retirees to OMERS and to governments of all levels, represent our membership in legislative matters that affect retirement and provide services that benefits our members.

Our mission: Protecting the pensions and enhancing the quality of life for all OMERS pensioners. 
https://mroo.org/advocacy.php

 

reveng

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Honestly, if someone has been lucky enough to hold a good paying public job for 35 years, they should probably do those behind them a solid and retire. 
 

mariomike

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DetectiveMcNulty said:
Honestly, if someone has been lucky enough to hold a good paying public job for 35 years, they should probably do those behind them a solid and retire.

There's two guys I hired on with in 1972 who are still on the job. And another from 1971.

I never saw the percentage in staying after 35 years. Because, it meant you were working for only 30% more than the pension paid.

Now that they can increase their lifetime pensions with no 70% maximum, I can imagine a lot more guys will be staying on.

Is this the future of our emergency services?  :)
https://www.youtube.com/watch?v=UnvPJtJf6uo
 

mariomike

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This may be of interest to individuals transferring their CAF pension to OMERS. Specifically, what happens to your benefits when you turn age 65?

I've been collecting an OMERS pension for ten years. During that time, the City has paid 100% of the premium on Extended Health Care and Dental. That includes out-of-province / Canada travel insurance, and a Convalescent Care Plan.

The City also provides a Group Life insurance policy in the amount of 2X your annual salary. They pay 100% of the premium.

Those benefits will terminate at the end of the month in which you turn age 65.

All that will remain is a $5,000 life insurance policy, with the City paying 100% of the premiums. This policy will be maintained for life.

You will be given 30 days to take over your group life policy ( two times your annual salary ). But, now it will be you, not the City, paying 100% of the premium.

Regarding your Health Care Spending Account ( HCSA ). This is a post age 65 benefit provided to you by the City until age 75.
It comes in handy for regular and routine medical / dental issues. But, will not protect you from catastrophic medical expenses.

Additional coverage may be purchased through the Municipal Retirees Organization Ontario (MROO),
https://www.mrooinsurance.ca/en/rb/solutions/coverage/rb_lifeandhealthinsurance.html

Coverage is guaranteed if you apply within 90 days of turning age 65.









 

mariomike

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mariomike said:
Regarding your Health Care Spending Account ( HCSA ). This is a post age 65 benefit provided to you by the City until age 75.

In case any OMERS members are interested in HCSA , the current amount is $3,250 annually.
 
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