|
|
 |
If the PBA Divestment Provisions are met, the
individual will cease contributing to the OPSEU Pension Plan effective the date
of divestment. The credit he or she has earned in the OPSEU Pension Plan will
remain with OPTrust in the form of a “special deferred pension” until the
individual terminates employment with the successor employer, or retires.
Find out more in our booklet, Your Pension and Divestments.
Under the PBA, divested members retain the right to qualify for each pension
plan’s retirement provisions.
- In determining eligibility for benefits under the OPSEU Pension Plan, OPTrust
recognizes both credit in the OPSEU Pension Plan and the period of employment
with the new employer (since divestment date).
- In determining eligibility for benefits, the new employer’s pension plan will
recognize the period of membership in the OPSEU Pension Plan.
The member’s employment for pension purposes is not considered to have
terminated until the member terminates membership in the new employer’s pension
plan. At that time, the member is eligible for regular termination options.
|
|
|
|
|
|
|
|
|
|
Note: A member’s eligible service with the successor employer is
used to determine qualification or eligibility for retirement benefits in the
OPSEU Pension Plan. The credited service in the OPSEU Pension Plan is used to
calculate the benefit payable from the Plan.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Important! If a member terminates employment prior to the
divestment date and is subsequently hired by the successor employer, the
employee could be considered a member of the Plan and the divestment provisions
could still apply.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Important! Eligible service does not include prior period
service purchased with the successor employer after the date of divestment.
|
|
|
|
|
|
|
|
|
|
|
If the member is in the process of buying back past service credit in the OPSEU
Pension Plan, they must complete their payments prior to the divestment. If they
pay the balance in full, they will receive the full amount of credit they are
purchasing. If they don’t complete their payments, they will receive credit only
for the paid portion of their buyback.
Revised August 2009
|
 |
|
