Benefits & Pensions Monitor (website)
Members of the Ontario Municipal Employees Retirement System will not only have a great defined benefit pension plan when they retire. They can now further enhance their retirement savings by investing their RRSP savings in the OMERS fund.
With over $48 billion in net investment assets at the end of 2009, OMERS represents 400,000 members and 928 government employers including municipal workers, firefighters, police, firefighters and transit workers.
Since the beginning of this year, all plan members have been permitted to transfer funds from registered retirement vehicles such as RRSPs to an additional voluntary contribution account. Active members can also make additional periodic automatic contributions to an AVC account.
“The idea actually came from our members. They wanted to put their money into OMERS and get the OMERS rate of return,” says Jennifer Brown, OMERS Executive Vice President and Chief Pension Officer. “They also want exposure to both public and private markets.” READ MORE