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Vesting
A key factor in determining which options apply to you is whether
you are “vested.” If you have two or more years of
credit or continuous membership in the OPSEU Pension Plan, you
are vested. This means that you have earned the right to a pension
from OPTrust.
IF YOU ARE NOT VESTED
If you are not vested when you terminate membership in the Plan,
you will receive a refund of your contributions, plus interest.
The only exception is if you are 65 years or older and are not
vested when you leave. In this case, you will receive a refund
of two times your contributions, plus interest.
IF YOU ARE VESTED,
UNDER AGE 55 AND NOT ENTITLED TO AN IMMEDIATE PENSION
If you are vested, are under age 55, and do not qualify for an
immediate pension (e.g., under the temporary Factor 80 option),
you may have some choices:
- You can choose a deferred pension. This means leaving your
pension entitlement with OPTrust and having the right to receive
a pension in the future.
- You can transfer the commuted value of your deferred pension
to another locked-in retirement savings arrangement, such as
a locked-in RRSP or another employer’s pension plan.
- If you are under age 45, with service before December 31,
1986, you can choose: i) a combination of a refund of contributions,
plus interest, for the period before December 31, 1986, and a
deferred pension or the commuted value of your pension for service
after December 31, 1986 or • ii) the commuted value of
the deferred pension for the entire service.
IF YOU ARE VESTED
AND AGE 55 OR OLDER
If you are vested and are age 55 or older, the value of your pension
cannot be transferred or withdrawn because you are entitled to
receive an immediate pension from OPTrust. The following choices
may be available to you, depending on your circumstances:
- If you are eligible for an immediate unreduced pension (under
the temporary Factor 80 option, Factor 90, 60/20 or at age 65),
you can choose to start receiving your OPTrust pension immediately.
- If you are not eligible for an immediate unreduced pension,
you can choose to start receiving a reduced pension at any time
between age 55 and age 65.
- You can also choose to take a deferred pension and start receiving
an unreduced pension at age 65.
If you have credit in the OPSEU Pension Plan for service before
1966, you are eligible to start receiving your pension at age 50.
This also means you cannot transfer the commuted value of your
deferred pension if you are 50 or older and have pre-1966 service.
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