Municipal Pension Plan Transfer Agreements

OMERS has reciprocal transfer contracts with the following retirement plans: If you work with a new employer whose pension plan has a transfer contract with BC`s communal pension plan, you can transfer your service to the new plan. If you transfer the service to the municipal pension fund, you can pay for this lack of service and credit them with the full service. You must pay for a lack of service in a lump sum and within a specified time frame. Once your application is filed, the transfer process can take between 6 and 18 months. We will contact you if we need more information. The transfer of services can have tax consequences. We advise you to speak with an independent financial advisor before making your final decision to transfer the eligible service between plans. If you decide to transfer your service, but do not want to pay for the service gap, you will be credited with a contributory service and contributed based on the service that can be purchased with the amount actually transferred. Transfering Service from Other Pension Plans More than 600 BC Employers are part of municipal pension plans, including municipalities, school districts, universities, public health, police and fire. If you are considering a change from an employer currently participating in the MPP in the City of Richmond and are currently an active member of the plan, your affiliation with the retirement plan will continue. Transfer contracts (also known as mutual transfer agreements) allow pension plan members to support pension rights from one plan to another. The MPP has transfer contracts with a number of retirement plans across Canada. There is no agreement with plans outside of Canada.

Visit www.pensionsbc.ca for more information on transfer contracts. If you are no longer employed by an employer and are participating in one of your current employer`s retirees, you may be able to transfer your pension credit to your new pension plan. A PTA is a method to make this transfer. In order to participate in such an agreement, a PEZ must have been signed between the Canadian government and an external employer. The agreements are negotiated on behalf of the Canadian government through the Policy and Advisory Services Division of the Government of Canada Pension Centre. If the value of the service you transfer from your previous plan is less than the cost of purchasing the same service in your new plan, there is a lack of service. The pension you receive in another plan has no influence on the pension you receive with the BC`s municipal pension plan. The service you transferred from another plan may not have the same value in BC`s municipal pension plan and vice versa. There are a number of reasons for this, including different pension benefit packages in each plan and pay differences between your old and new jobs.

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