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Best website to job search for OMERS Employers

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  • May 20th, 2020 11:28 pm
[OP]
Newbie
Jul 22, 2016
77 posts
37 upvotes

Best website to job search for OMERS Employers

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
Last edited by Aryagorn on May 15th, 2020 9:21 pm, edited 1 time in total.
9 replies
Sr. Member
Jan 12, 2017
837 posts
370 upvotes
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
Sr. Member
Jan 12, 2017
837 posts
370 upvotes
BTW, look here for jobs: https://www.municipalworld.com/jobs/?location=All
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
Deal Addict
Apr 14, 2017
1138 posts
441 upvotes
DT Calgary
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
What's your field? Essentially you either work for the city/town or for a crown agency. That shouldn't be too hard to search for. Try Metrolinx.
Member
May 17, 2009
382 posts
34 upvotes
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.
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).
Newbie
May 13, 2020
3 posts
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?
Deal Addict
Dec 20, 2018
2481 posts
1801 upvotes
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
HOOP is way better
Deal Addict
Dec 20, 2018
2481 posts
1801 upvotes
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
You may want to look at your calculations and 35 is not max number of years but minimum years of contribution for no clawback
pension

And your calculation of 2% per year of contribution of earnings is before the clawback (amount they reduce your pension by) . Clawback is 0.675% so from 65 onwards, your 2% per year of service is clawed back by 0.675% per year of service. Basically you get 1.325% per year of service after 35yrs of service
Jr. Member
Nov 20, 2016
158 posts
128 upvotes
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.
This sounds like your run-of-the-mill public DB pension, I've been with the Federal government and the BC provincial government and they are both like this. Other factors to consider is contribution rate (as someone have already pointed out), as well as the Cost-of-Living-Adjustment provisions within the plan (the Federal plan I believe has the strongest COLA clause where COLA increases to pension payments are mandated by legislation)
Deal Addict
Jul 12, 2008
2076 posts
429 upvotes
Burlington
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?
Look at things like employment opportunities and transfer opportunities. In some Ontario agencies everyone makes 100k eventually whereas at the federal level 100k is only for old all starts in a few departments. 70% of $75,000 and 70% of $150,000 are 2 different lifestyles.

CAAT in Ontario has tougher transfer out policies especially if you are going to an employer not offering a similar pension plan. https://www.ontariomunicipaljobs.com is a good source for municipal jobs (OMERS jobs).

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