The OMERS Plan permits OMERS employers and unions to choose to provide NRA 60 benefits for all or a class of its police officers, firefighters or paramedics. NRA 60 benefits are not automatically provided by OMERS, and for unionized employees, NRA 60 benefits can be subject to negotiation between employers and unions.
You can start your pension within 10 years of your NRA if you have stopped working with an OMERS employer. This is called your early retirement date.
Your lifetime pension amount may vary depending on when you decide to start receiving your pension. Learn more about How your pension is calculated.
If you have an NRA 65, you can retire as early as age 55. If you have an NRA 60, you can retire as early as age 50.
You qualify for an unreduced pension at age 60, regardless of your service, or if you are at least age 50 and:
You have 30 years or more of service (credited service + eligible service)
Your age + your credited service + your eligible service = 85 (the 85 Factor)
You qualify for an unreduced pension at age 65, regardless of your service, or if you are at least age 55 and:
You have 30 years or more of service (credited service plus eligible service)
Your age + your credited service + your eligible service = 90 (the 90 Factor)
Eligibility for the bridge benefit can be different for NRA 60 and NRA 65 members if they stop working with their OMERS employer before their early retirement date.
As of January 1, 2013, benefit calculation changes affect all members if they leave their OMERS employer before their early retirement date.
Similarly, the different early retirement dates for NRA 60 and NRA 65 members can affect the ability to transfer the commuted value (CV) of your pension. If you leave your OMERS employer, the option to transfer the CV of your OMERS pension to another retirement savings vehicle such as a locked-in retirement account (LIRA) ends the day before your early retirement date.
For a more detailed explanation of how your NRA affects your pension, visit How your pension is calculated.
Your NRA can change (i.e., be “converted”) when:
You move to another OMERS employer or change your occupation while working with the same OMERS employer (for example, if an NRA 65 member becomes a police officer, the member’s NRA will change from 65 to 60) or
Your OMERS employer informs OMERS of the change in NRA for the class of employees that you belong to after going through the process of changing the employer’s OMERS participation by-law/resolution. This change must be made for all or a class of police officers, firefighters or paramedics of the employer (not individuals). This is the case for all NRA class changes – 65 to 60 and vice versa.
If your NRA changes from 60 to 65:
You are immediately entitled to benefits available to NRA 65 members.
You and your OMERS employer begin to make contributions at the NRA 65 rates in each pay period – the rates are lower than the NRA 60 rates. For more information on contribution rates, see Getting started.
Your excess member contributions are refunded with interest (paid at the applicable CANSIM rate). Excess member contributions are past contributions made when your NRA was 60 minus the amount you would have otherwise contributed during this time had you been an NRA 65 member.
When you convert from NRA 65 to 60, your service will be reduced depending on how long you worked. If your NRA changes from 65 to 60:
You are immediately entitled to benefits available to NRA 60 members.
You and your OMERS employer begin to make contributions at the NRA 60 rates (see OMERS contribution rates).
A service adjustment is applied in most cases to your credited service. Generally, past credited service is reduced to reflect entitlement to NRA 60 benefits. See NRA service adjustment for more information.
Shortly after converting from NRA 65 to NRA 60, OMERS will provide you with a package that includes the following:
Your updated credited service based on the service adjustment calculation
The conversion cost to buy the service adjustment
An election form and instructions on paying the conversion cost
Learn how a service adjustment is calculated if your NRA changes.
Learn more about the benefits of your OMERS pension.
Learn how to start preparing for this next chapter in life.