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This section provides background information on the process for purchasing – or “buying back” – past service credit in the OPSEU Pension Plan and describes the procedures and forms employers must provide to OPTrust when a member has applied to buyback past service.
A member may decide to buy back credit for eligible periods of past service for a variety of reasons. For example, completing a buyback:
- will increase the member’s pension when he/she retires
- may help the member to qualify for one of the Plan’s unreduced early retirement options, or may qualify the member sooner
- may allow the member to qualify for post-retirement health, dental and life insurance benefits provided by the Government of Ontario.
Depending on the circumstances, the employer may be required to:
- provide documentation as part of the buyback application process
- pay contributions to the OPSEU Pension Plan for a portion of the buyback cost
- remit the member’s payroll deductions and/or employer contributions to OPTrust.
Revised August 2011
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