MERS Plan. All Full Time Civilians not previously enrolled, shall become members of the ONTARIO MUNICIPAL EMPLOYEES’ RETIREMENT SYSTEM PLAN (O.M.E.R.S.) immediately upon hire. Basic retirement benefits shall be determined by a FINAL AVERAGE EARNINGS formula based on two per cent (2%) of the average of a Full Time Civilian’s highest sixty (60) consecutive months of earnings for service after enrollment in O.M.E.R.S. times years of credited services after enrollment in O.M.E.R.S. reduced when a Full Time Civilian is entitled to Canada Pension benefits by .7% times the average of YMPE for the year the Full Time Civilian retires and the two preceding years times the period of credited service since January 1st, 1966 (to a maximum of 35 years). Benefits to supplement the Basic Plan are described below: 1. Type 1 Pension - Final average earnings. Formula - as per O.M.E.R.S. Regulations. 2. Partial Type 3 Supplementary - unreduced early retirement for members 55 years of age or older in the event of permanent partial disability.
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Sources: Collective Agreement, Collective Agreement, Collective Agreement