OPSEU Pension Plan - Temporary Provisions
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TEMPORARY PROVISIONS

"SURPLUS"  FACTOR 80
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  A number of temporary enhancements to the OPSEU Pension Plan are currently in effect. These enhancements, which are described below, have been funded from the members’ and pensioners’ share of actuarial gains realized between 1999 and 2001.

In total, the Plan’s actuarial funding valuation for this period identified gains of $867 million, which were shared between the Plan’s members and pensioners and the Government of Ontario.

As plan sponsor, OPSEU allocated the memberships’ $467 million share of gains to pay for a package of temporary and permanent benefit improvements, extend a modified contribution reduction for members, and set aside a reserve to stabilize members’ contributions in the future. An additional $6 million was used to pay for previously negotiated benefits.

The Government of Ontario’s share of gains was $394 million. Of this total, $97 million was used to eliminate the balance of the Plan’s initial unfunded liability and to pay for certain negotiated benefit improvements. The remaining $297 million was set aside in a contribution rate stabilization fund for the Government.

“Surplus” Factor 80
“Surplus” Factor 80 is a temporary provision that may apply in the case of a layoff. Under Surplus Factor 80, you may be eligible to retire with an immediate unreduced pension if:
  • you receive a layoff notice before December 31, 2008, and
  • your age plus your credit total 80 years or more before December 31, 2008, and on 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.

If you think you may qualify for the Surplus Factor 80 provision - please contact OPTrust as soon as possible. We recommend that you confirm your eligibility before you notify your employer that you plan to retire. We will be happy to confirm your eligibility and provide you with more information.




 
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