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I'm about 3 years into a job for an Ontario municipality and have a pension through OMERS. I previously worked for the federal government for about 3 years and also have funds in the federal public service pension. I'm trying to understand the advantages and disadvantages of transfering my federal pension to OMERS.
I don't have a plan to return to the feds right now but it is still possible in the long run. One thing that comes to mind is that if I work for the feds again far in the future and if by that time the federal pension plan has been modified to make it worse for new hires, by having an existing federal pension the terms would likely stay the same for me as they are now. Does that make sense?
That’s a big IF. If you don’t then that old service will be so much less than if you merged. If you do go back anyway you can transfer back and deal with a possible shortfall at that time. As long as they maintain the transfer agreement you shouldn’t have issues.
How much has your pay increased from the old job to the new job or how much do you expect it to increase.
If your pay is more or expect to increase a fair amount til u terminate or retire that will increase the value of the Feds service significantly.
If there is no shortfall and you will receive full service in OMERS then that is likely your best option. The FEDS will also pay you the difference between what OMERS is asking for and your commuted value (of anything). So you could walk away with full service and a few bucks.
I don’t think OMERS and the Feds have a transfer agreement. Would be a buyback get a cost and see what that looks like first
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I would note OMERS is not unique and this is actually more the norm than the exception.