Best website to job search for OMERS Employers

Aryagorn wrote: ↑ OMERS is arguably the best pension plan in Canada (2% x years of service x 5 consecutive years of highest pay). So if I work for the maximum # of years allowed, which is 35 years, and in the prime of my career I make an average 100k over 5 consecutive years annually, my pension would be $70,000.

The current list of employers that are part of this pension is located here. What would be the best job search website to search for openings within these companies? Rather than having to visit the careers section of each employer website individually

Aryagorn wrote: ↑ OMERS is arguably the best pension plan in Canada (2% x years of service x 5 consecutive years of highest pay). So if I work for the maximum # of years allowed, which is 35 years, and in the prime of my career I make an average 100k over 5 consecutive years annually, my pension would be $70,000.

The current list of employers that are part of this pension is located here. What would be the best job search website to search for openings within these companies? Rather than having to visit the careers section of each employer website individually

Aryagorn wrote: ↑ OMERS is arguably the best pension plan in Canada (2% x years of service x 5 consecutive years of highest pay). So if I work for the maximum # of years allowed, which is 35 years, and in the prime of my career I make an average 100k over 5 consecutive years annually, my pension would be $70,000.

The current list of employers that are part of this pension is located here. What would be the best job search website to search for openings within these companies? Rather than having to visit the careers section of each employer website individually

Chickennbeans wrote: ↑ Of public sector pension plans in Ontario, OMERS is the weakest by far.

While almost all the DB Pension Plans in Ontario have very similar pension benefits, OMERS has the highest contribution rates - in the range of 15% for earnings over YMPE (CPP amount). That means your gross pay is cut by 15% before you even pay taxes. Is this good or bad? For comparison, Hoopp is below 10%, Ontario Teachers is at 12%.
Even worse, Financial Post believe OMERS is the Ontario plan most exposed to COVID

If you look at annual reports from 2019, OMERS is also the only Ontario public sector pension plan that is currently underfunded (while also being the least conservative with future investment earning estimates). What this means is even higher contribution rates in the future.

All this being said, working for public sector is still pretty golden given the current scenario, but if you are in a position to pick between public sector DB plans, it is actually the worst in Ontario.

Aryagorn wrote: ↑ OMERS is arguably the best pension plan in Canada (2% x years of service x 5 consecutive years of highest pay). So if I work for the maximum # of years allowed, which is 35 years, and in the prime of my career I make an average 100k over 5 consecutive years annually, my pension would be $70,000.

The current list of employers that are part of this pension is located here. What would be the best job search website to search for openings within these companies? Rather than having to visit the careers section of each employer website individually

Aryagorn wrote: ↑ OMERS is arguably the best pension plan in Canada (2% x years of service x 5 consecutive years of highest pay). So if I work for the maximum # of years allowed, which is 35 years, and in the prime of my career I make an average 100k over 5 consecutive years annually, my pension would be $70,000.

The current list of employers that are part of this pension is located here. What would be the best job search website to search for openings within these companies? Rather than having to visit the careers section of each employer website individually

Aryagorn wrote: ↑ OMERS is arguably the best pension plan in Canada (2% x years of service x 5 consecutive years of highest pay). So if I work for the maximum # of years allowed, which is 35 years, and in the prime of my career I make an average 100k over 5 consecutive years annually, my pension would be $70,000.

JayceMetal wrote: ↑ Is there a general guideline when comparing two different DBPP's? (Assuming the retirement age is the same), I know no one can tell the future, but based on current information, is it possible to compare and say that one DB plan is better than another?
Contribution rate, Funded status, government vs private, pension formula, anything else I've missed?

zunairryk wrote: ↑ Keep in mind OMERS offer guaranteed inflation protection while HOOPP and OTPP don't (Although OMERS has been trying to change that for a few years now).

CDNPatriot wrote: ↑ Just looked it up, OMERS removed guaranteed inflation protection and has dropped further t the bottom of the list when it comes to pensions.

Shared Risk Indexing

Provides the option for the SC Board, based on its annual assessment of the Plan’s health and viability, to reduce future inflation increases on benefits earned after December 31, 2022.

This change is effective January 1, 2023 and does not affect benefits earned before that date. This means that when you retire, the benefits earned on or before December 31, 2022 will be granted full indexation. Benefits earned on or after January 1, 2023 will be subject to Shared Risk Indexing, meaning that the level of indexation will depend on the SC Board’s annual assessment of the financial health of the Plan.

Also from other sources:
Q - Do other Defined Benefit Pension Plans have Shared Risk Indexing?

A - YES – other plans including HOOPP (Healthcare of Ontario Pension Plan) and OTPP (Ontario Teachers’ Pension Plan) have similar concepts in place. However, the OMERS proposal is a step above these plans,

Those plans have Conditional Indexing which is similar to Shared Risk Indexing with one important difference:
With Conditional Indexing, pension plans decide every year how much indexation to grant, if any.
Shared Risk Indexing is different because inflation increases would be fully granted for pension payments until the SC Board determines that it should reduce inflation increases

morpheus_1987 wrote: ↑ Source? I was aware they were reviewing it last year, but last I heard it was rejected.
Edit: Found it:
https://www.omerssc.com/Sponsors/What-w ... ed-Changes


I guess that's how they're trying to justify it since other pensions have already had conditional indexing. Where OMERS messed up was in 98-02 when they had contribution holidays, which is why their funded status is so bad now. Future generations are paying for that mistake in the past since they benefited instead of building up a proper reserve to be overfunded.

https://www.omers.com/Employers/Forms-R ... _-_Present