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The process – from termination to the calculation of your entitlement
The usual termination process includes the following steps. In some
cases, the process may vary depending on your employer. All of the forms
mentioned here are can be downloaded from the OPTrust Web site. Paper
copies are available from your human resources representative or by
contacting OPTrust.
Step 1: Setting your termination date
Your last day of employment is established – either when you give your
resignation notice to your employer or when you receive a notice of
termination. This becomes your plan membership termination date for
calculating your pension benefit entitlement.
Step 2: Completing the paperwork
Your employer will give you a package containing the following forms.
You should receive these forms well in advance of your termination date,
particularly if you have decided to retire. You must complete all three
forms at termination:
We will also need copies of the following documents. If we do not
already have them in our files, you will need to provide copies before
we can process your entitlement:
- your birth certificate or other proof of birth (e.g., passport)
- your spouse’s birth certificate (if applicable)
- birth certificates for any children (if applicable)
- proof of your spousal relationship, in addition to the Statement of
Spousal Relationship form. OPTrust requires i) either a marriage
certificate, or ii) three documents showing that you have a common-law
spouse.
See the section on The Necessary Paperwork for more information on the
forms and documents OPTrust requires when you terminate plan membership.
Step 3: Submitting your documentation
Your completed Termination of Membership form must be sent to OPTrust by
your employer. You can send all other confidential documents directly to
OPTrust. When we receive the required information, we will review your
file and check your pension data. If there are any discrepancies or
missing information, we will contact you or your employer. We will then
calculate the value of your pension and determine what options may be
available to you, depending on your circumstances.
Step 4: Considering your options
As soon as OPTrust receives your Termination of Membership form, we will
send you an information package (including this booklet) that describes
the full range of options that are available to members who are leaving
their jobs. We will also enclose the forms you will need to exercise
your options.
Next, once we have verified your pension data and calculated your
pension entitlement, we will send you a personalized Termination
Statement. This statement shows how your own pension entitlement is
calculated and explains the options that are available, based on your
individual circumstances.
Note: You must complete Steps 1-3 before OPTrust can send you a
Termination Statement confirming your pension options.
Step 5: Making your decision
You should consider your options carefully to determine which choice is
best for you. Depending on your circumstances you may wish to consult an
independent financial advisor. Once you have made your decision,
complete the appropriate forms and return them to OPTrust. We will then
process your entitlement according to your instructions.
Note: OPTrust cannot provide you with financial advice.
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