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Divestment provisions do not apply in situations where:
- the member does not become an employee of the new employer in conjunction with
the transfer of the employer’s business, assets, or services, or
- the new employer does not provide a registered pension plan such as a defined
benefit, or defined contribution plan (a group RRSP is not considered a
registered pension plan), or
- the member does not join the new employer’s pension plan.
If the divestment provisions do not apply, the member is eligible for regular
termination options.
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Note: If the member has less than 15 days of credited service in
the OPSEU Pension Plan at the date of divestment they will be refunded their contributions
plus interest and will not be processed as a divestment.
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Note: Divestment while on Long Term Income Protection (LTIP) –
When a group divests, members that are in receipt of LTIP may require special
provisions that dictate if they remain active members of the OPSEU Pension Plan
or move to the successor employer.
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Revised June 24, 2005
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