OPSEU Pension Plan - temporary provisions

Surplus Factor 80

If you receive a layoff notice, you may have access to th Surplus Factor 80 option. The government pays the cost of this benefit improvement, which was scheduled to end on December 31, 2004

Under Surplus Factor 80, 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.

• 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.