Early unreduced retirement
You may be eligible for an early unreduced immediate pension if you attain:
- Factor 90 - your age plus your credit (in years, months and days) total at least 90 years
- 60/20 - you are at least 60 years old and have 20 or more years of credit
If you qualify for one of the early retirement provisions, your pension will be calculated based on your credit in the Plan and your termination date using the
basic pension formula without CPP integration until age 65.
You may decide to collect your CPP before age 65. Collecting CPP before age 65 does not affect your OPTrust pension. OPTrust does not integrate your pension with
CPP until age 65.
BRIDGING TO A PENSION
OPTrust members who receive a notice of layoff may 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.
Bridging is currently available to members in the Ontario Public
Service who are declared surplus and are covered by the Central Collective Agreement between OPSEU and Management Board of Cabinet.
Other OPTrust members may have access to a bridging option under
their own collective agreements. In these cases, the terms of the
bridging option may vary depending on specific language in each
agreement.
If you receive a layoff notice and think you may be eligible for
pension bridging, please contact your employer, union representative
or OPTrust.
Bridging is also available to anyone in a divestment situation who:
-
is covered by the Central Collective Agreement between Management Board of Cabinet and OPSEU
AND
- declines a job offer that is less than 85% of his or her current salary or where the member's service or seniority is not carried over to the new employer
OR
- is declared surplus and the collective agreement provides for bridging
OR
- the new employer's collective agreement
provides for bridging.
For more information on bridging, see OPTrust's booklet
Your Pension and Leaving Your Employment
or contact your employer, union representative or OPTrust.
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