Extension of Surplus Factor 80 for those facing a layoff
Under Surplus Factor 80, if you are facing a layoff you may be eligible to retire
with an immediate unreduced pension if:
- you receive a layoff notice on or before December 31, 2008, and
- your age plus your credit total 80 years or more on or before December 31, 2008, and on or before your last day of employment.
To retire under Surplus Factor 80, you must:
- notify your employer in writing that you are retiring under this provision within 92 days of the last day of the month in which you receive your layoff notice, and
- leave your employment and end your membership in the Plan no later than the layoff date in the layoff notice.
Bridging to an Unreduced Pension
OPTrust members who receive a notice of layoff may also be able to “bridge”
to an unreduced pension. Bridging requires special provisions in your collective
agreement allowing the use of leaves of absence, the surplus notice period and
the period represented by severance payments to reach the date on which you
become eligible for one of the Plan’s unreduced retirement options.
Please contact your human resources representative or OPTrust for more
information if this option applies to you.
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