OMERS Regulations Clause Samples
The OMERS Regulations clause defines the rules and requirements governing participation in the OMERS pension plan, which is a retirement savings program for municipal employees in Ontario. This clause typically outlines eligibility criteria, contribution rates, benefit calculations, and administrative procedures that must be followed by both employers and employees. By clearly setting out these regulatory guidelines, the clause ensures compliance with the OMERS plan and provides clarity on pension entitlements and obligations, thereby reducing the risk of misunderstandings or disputes regarding retirement benefits.
OMERS Regulations. (a) The two year TCHC funded disability period would be considered ‘Approved Leave of Absence’ with respect to OMERS. The employee will have the option to buy back this period from OMERS. If the employee chooses to do so, the employee will pay his/her portion, and TCHC will pay its portion.
(b) If the employee chooses not to purchase this period, it will not be considered eligible service.